According to Bloomberg, OKX has applied for regulatory approval in France and plans to build out its European hub in Paris. This makes it the latest overseas crypto firm to choose France as its base on the continent, following the likes of Circle, Crypto.com and Binance.
Why France, you may ask? Well, France is very welcoming of crypto firms, thanks to President Emmanuel Macron’s support for the sector. France has also introduced a registration process for crypto businesses that want to operate in the country. This requires them to meet certain standards of anti-money laundering and transparency, providing credibility for the sector.
OKX is not a small player in the crypto space. It is the fourth largest digital-asset exchange by trading volume, according to CryptoCompare. It offers a variety of products and services, such as spot trading, futures and options, lending and borrowing, staking and mining, and more.
OKX’s president, Hong Fang, said that having operations in France is crucial for engaging with European regulators and customers. He also expressed his confidence in OKX’s ability to provide a safe and reliable platform for crypto enthusiasts.
France’s Digital Minister, Jean-Noel Barrot, welcomed OKX’s decision. He said that it is testament to France’s positive policies on cryptoassets. He also said that France is committed to fostering innovation and competitiveness in the digital economy.
This news story is a great example of how OKX is constantly innovating and adapting to the changing regulatory landscape. It also shows how France is becoming a hub for crypto businesses in Europe, thanks to its supportive government and regulatory framework.
Vive la France!