Cryptocurrency exchange OKX has set its sights on France as a European hub, with ambitious plans to hire around 100 individuals within the next three years. This move follows the footsteps of 74 other companies that successfully gained regulatory approval from France’s Financial Markets Authority (AMF). OKX, based in Seychelles, has submitted an application to be registered as a Digital Asset Service Provider (DASP) and intends to establish a significant physical presence in France.
This strategic decision by OKX is not an isolated case, as France has emerged as a popular destination for cryptocurrency exchanges. Last year, Binance, the world’s largest crypto exchange, also chose France as a regional hub after registering as a DASP. It has since hired around 150 people for its Paris office, as reported by the founder Changpeng “CZ” Zhao.
In an interview, Tim Byun, OKX’s head of global government relations, stated the company’s aspiration to hire 100 full-time employees within three years. For the first year alone, they forecast hiring around 30 colleagues. Byun also emphasized that the registration process might take up to six months. Gaining registration implies that companies will need to comply with money laundering standards and have reputable management in place.
This rapid expansion of crypto exchanges into France comes with its share of pros and cons. On one hand, it demonstrates an increasingly positive attitude towards cryptocurrency and its ever-growing popularity in mainstream markets. Moreover, the creation of jobs and investment in local economies can be viewed as a significant benefit.
On the other hand, skeptics might question the motives of these companies seeking registration in France. They raise concerns over potential issues of administrative centralization and international competition that may arise, possibly hindering innovation within the crypto sphere.
With the European Union’s Markets in Crypto Assets (MiCA) regulation recently being approved unanimously by all 27 member states, it is expected that, moving forward, the process for crypto firms obtaining approval in one country to operate across the entire bloc should become more streamlined. Last month, the AMF hinted that existing registered firms in France might be fast-tracked to MiCA licensing, encompassing stricter rules on governance, consumer protection, and financial stability.
In summary, France’s rise as a popular regional hub for crypto exchanges highlights the potential for increased acceptance of cryptocurrencies in the mainstream market. At the same time, valid concerns over motives, centralization, and competition need to be addressed. The balance between embracing the potential growth and maintaining a vigilant approach will be vital as the future of the crypto landscape continues to unfold.
Source: Coindesk
