Seychelles-based crypto exchange OKX has announced its plans to open a European hub in Paris, France, joining other crypto-related firms picking the country to build a regional base.
The platform has also applied for regulatory approval to operate as a licensed digital asset service provider in the country by registering with the Autorité des Marchés Financiers, the French market regulator.
- OKX's president, Hong Fang, said they see operating in France as crucial for their engagement with European regulators.
- The company plans to hire around ten people in France within six months.
- An OKX spokesperson said they aim to increase the employee numbers in France to around 100 people over the next three years.
- The companies seeking to operate as a digital asset service provider in France must go through certain checks, including the ones regarding anti-money laundering.
- European Union's (EU) newly-passed crypto regulations, the Markets in Crypto Assets (MiCA), also require all crypto firms seeking to operate in the EU to register with at least one of its member states before January 2025.
- That's why the move was considered a significant step for OKX's presence in Europe.
- Over the last several months, France has become an attraction point for many crypto firms, mainly due to President Emmanuel Macron's crypto-friendly approach to embracing the industry.
- In March, the stablecoin issuer Circle also announced its intention to establish a European base in Paris, citing the country's commercial environment and crypto-friendly climate.
- Other crypto firms selecting Paris as their European hub over the last two years include crypto exchanges Binance and Crypto.com.