OKX, a leading global cryptocurrency exchange, has officially applied to register as a Digital Asset Service Provider (PSAN) with France's Financial Markets Authority (AMF). This strategic move marks a significant step in OKX's planned expansion across the European market, with France serving as a key operational hub.
Why France Is Key to OKX’s European Strategy
France has emerged as a favorable destination for cryptocurrency businesses due to its clear regulatory framework and growing digital asset ecosystem. OKX has established a local entity, OKX France, to better serve the regional market and comply with national regulations.
The country offers a highly skilled workforce and a large community of crypto enthusiasts and traders. These factors make it an attractive base for OKX’s broader European ambitions.
Jean-Noël Barrot, the French Minister Delegate for Digital Transition and Telecommunications, welcomed OKX’s decision:
“We are delighted that OKX has chosen France to expand its activities in Europe. […] This decision underscores the success of the policies implemented by the French government to encourage the development of an innovative, resilient, and secure crypto sector. We are more convinced than ever that France has all the necessary assets to become a global leader in Web3 innovation and the digital economy.”
Commitment to Compliance and Transparency
OKX has consistently emphasized regulatory compliance and operational transparency. The exchange already publishes regular Proof of Reserves reports, allowing users to verify the security of their assets.
In addition to the French application, OKX has secured a license in the Bahamas and a provisional license in Dubai. The company has also applied for a virtual asset service provider license in Hong Kong, reinforcing its global compliance efforts.
Hong Fang, President of OKX, commented:
“Our commitment drives us to expand our operations and engage more deeply with European regulators. Our presence in France is vital to achieving this. […] As a leading Web3 company, we look forward to showcasing the extraordinary projects we are working on to the French audience.”
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Frequently Asked Questions
What is a PSAN?
A Prestataire de Services sur Actifs Numériques (PSAN) is a regulated Digital Asset Service Provider in France. Registration with the AMF ensures that the company complies with national anti-money laundering (AML) and consumer protection requirements.
Why did OKX choose France for expansion?
France offers a mature regulatory environment, a skilled tech workforce, and a growing crypto community. These elements align with OKX’s goals of sustainable and compliant growth in Europe.
What does PSAN registration mean for OKX users?
Users can expect a wider range of compliant services, enhanced security measures, and greater transparency. It also strengthens OKX’s ability to offer localized products and customer support.
Is OKX currently available in France?
Yes, OKX already serves French users, but PSAN registration would expand its service offerings and reinforce its legal standing in the country.
What other regions has OKX expanded into recently?
OKX has obtained operational licenses in the Bahamas and Dubai and has applied for regulatory approval in Hong Kong as part of its global strategy.
How does OKX ensure transparency?
OKX provides publicly audited Proof of Reserves, showing that customer funds are fully backed. The company also emphasizes regular compliance updates and clear communication with users.
OKX’s application to become a PSAN in France highlights its commitment to regulated growth and international expansion. This step is expected to enhance its service portfolio and increase user trust in the European market.