Eu Yi OKX applies to become a qualified digital asset service provider with French regulatory authorities.

Source: OKX

On May 23, 2023, OKX, the second largest digital asset exchange and leading Web3 technology company in the world, announced today that it has submitted an application for registration as a Digital Asset Service Provider (DASP) in France, in accordance with the strict regulations of the French Financial Markets Authority (AMF) and the French Prudential Supervision and Resolution Authority (ACPR).

Eu Yi OKX established a French company in April and subsequently decided to apply to the French Financial Markets Authority to become a digital asset service provider. As an important hub in Europe, this move demonstrates Eu Yi OKX's commitment to expanding its business in Europe. After obtaining registration approval from the French Financial Markets Authority, Eu Yi OKX will be able to provide a range of products and services that comply with local regulatory requirements to French users.

Tim Byun, Global Government Relations Officer of Europe Easy OKX, stated: "France has established a clear and secure regulatory framework for digital asset service providers. As the number of digital asset service providers registered in France continues to increase, Europe Easy OKX looks forward to helping France build a safe and stable ecosystem. This application also demonstrates Europe Easy OKX's support for the new regulatory framework and readiness to fully support the Markets in Crypto Assets Regulation (MiCA) that the European Union plans to implement in 2024."

Apart from improving effective regulatory frameworks, France is expected to become an important stronghold for OKX in the European market due to its gathering of passionate cryptocurrency enthusiasts, experienced traders, and high-quality talents, which perfectly meets the necessary conditions for OKX to develop the European market.

Jean-Noël Barrot, the French Minister of Economy, Finance and Industry for Digital Sovereignty, responsible for digital transformation and telecommunications, stated: "We are very pleased that OKX has chosen France as its starting point for expanding its business in Europe. OKX's decision reinforces France's belief in becoming an important country for the development of Web3 technology, which is the vision advocated by our President Emmanuel Macron and Minister Bruno Le Maire since 2017. The French regulatory authorities have been committed to deepening their expertise and experience in the field of digital assets, enabling OKX to benefit from a consistent and robust regulatory system in the process of applying for registration and in its future development. The policies implemented by the French government aim to cultivate a stable and secure innovative cryptocurrency industry, and OKX's decision confirms the success of this policy. We firmly believe that France has all the necessary conditions to lead the global Web3 innovation and digital economy."

Compliance, regulation, and transparency are key factors for success in the digital asset and blockchain industry. For many years, OKX has taken various measures to ensure compliance, including cultivating an international compliance team and actively taking measures to prevent fraud and extortion. To improve transparency, OKX has always strived for excellence, adopting measures that exceed industry standards and allowing for real-time verification of the exchange's fund reserves, liabilities, and solvency without relying on third parties.

In March of this year, Ouke OKX announced its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. Now, Ouke OKX has obtained formal registration for its Bahamian digital asset business and holds a temporary license issued by the Dubai Virtual Asset Regulatory Authority (VARA).

Hong Fang, CEO of OKX, said: "We are committed to expanding our business scope and working closely with European regulatory agencies. As far as the development of OKX is concerned, the business in the French market will be a very important part. We are pleased to expand the OKX product portfolio in France and cooperate with the French Financial Market Authority to provide users and businesses with a safe and efficient trading mode. As a leading Web3 enterprise, we hope to introduce several exciting projects developed by OKX to the French market."

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