Recently it became known that OKX, one of the largest cryptocurrency exchanges in the world, is setting up a subsidiary in France. This state is gradually becoming a European hub for crypto exchanges. France is seen by the platform's management as the hub of Europe, and they plan to hire around 100 people within three years.
The Seychelles-registered exchange has applied for registration as a Digital Asset Service Provider (DASP) and will join 74 other cryptocurrency companies approved by the country's French Financial Markets Authority (AMF).
Representatives of the cryptocurrency exchange have stated their intention to have a "substantial" existence in France. Tim Byun, head of government relations, confirmed the announcement:
"We expect to hire around 30 people in the first year and in the following years our staff should reach 100 people," he said.
Moreover, it takes up to six months to obtain approval from the financial regulator.
It is not the only cryptocurrency trading platform that has announced plans to open an office in an EU country; cryptocurrency exchange Binance was approved by France last year. Changpeng Zhao, the exchange's founder, said it has hired around 150 employees for its office in Paris by September 2022.
In the first half of this month, all European Union countries - 27 in total - voted unanimously in favour of the Crypto Asset Regulation (MICA). Going forward, all technology companies in the EU will have to adhere to a single set of rules. In addition, last month the French financial regulator (AMF) proposed that companies operating in France should be eligible for a simplified MICA licence.