OKX Crypto Exchange Aims to Establish France as Regional Hub, Plans to Recruit 100 Staff

OKX, a cryptocurrency exchange based in Seychelles, has set its sights on France as a key regional hub in Europe. In the next three years, the company plans to hire approximately 100 employees in the country, joining the ranks of 74 other companies that have already received regulatory approval from France's Financial Markets Authority (AMF).

To achieve this, OKX has submitted an application to become registered as a Digital Asset Service Provider (DASP). The company intends to establish a significant physical presence in France, as stated by Tim Byun, the head of global government relations at OKX.

Interestingly, OKX is not the only cryptocurrency exchange looking to establish a base in France, the European Union's second-largest economy. Binance, the world's largest crypto exchange, also chose France as its European Union hub after obtaining DASP registration last year. Binance had already hired approximately 150 employees for its Paris office by September, according to its founder Changpeng "CZ" Zhao.

Byun expressed the company's ambition to employ 100 full-time staff members within three years, with an initial projection of hiring about 30 colleagues in the first year. He mentioned that the registration process could take up to six months.

The registration process involves ensuring companies comply with anti-money laundering standards and possess reputable management. The recent unanimous approval of the European Union's Markets in Crypto Assets (MiCA) regulation by its 27 member states is expected to make it easier for crypto firms that have obtained approval in one country to operate throughout the entire bloc.

Last month, the AMF proposed that existing registered firms in France could be expedited in obtaining MiCA licensing. This licensing framework includes stricter regulations concerning governance, consumer protection, and financial stability.