France’s financial markets authority, the Autorité des marchés financiers (AMF), has officially registered OKX and Gemini as Digital Asset Service Providers (PSAN). This regulatory approval enables both platforms to offer a range of crypto services to users in France, marking a key step in their European expansion strategies.
The registration, granted last week, underscores France’s growing appeal as a regulated hub for cryptocurrency businesses operating within the European Union.
Approved Services Under French Regulation
With this new status, OKX is authorized to provide three major services:
- Digital asset custody
- Buying and selling digital assets in exchange for legal currency
- Trading digital assets for other digital assets
Gemini received approval for the same services, in addition to operating a digital asset trading platform. This allows Gemini to offer a broader range of trading functionalities to French users.
Both companies have been expanding their European operations. OKX had previously announced plans to establish its European headquarters in France back in May 2023. Similarly, Gemini has been strategically positioning itself within the EU to better serve the regional market.
OKX’s Growing Market Position
OKX continues to strengthen its position in the global cryptocurrency exchange landscape. According to recent data from CoinMarketCap, OKX currently ranks as the third-largest centralized exchange by assets under management, holding approximately $12.7 billion—just behind Bitfinex.
Since the beginning of the year, OKX has recorded significant growth. The total value locked (TVL) on the platform increased by $2.5 billion, representing the highest growth among all major exchanges. Over the past six months, this positive trend has continued with an additional increase of $1.5 billion.
Beyond the exchange itself, OKX’s native token, OKB, has also demonstrated strong performance even during bear market conditions. This resilience suggests strong community trust and investor confidence in the OKX ecosystem.
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The Impact of Upcoming EU Regulations
The timing of these registrations is significant, coming ahead of the full implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union. MiCA aims to establish a comprehensive regulatory framework for crypto assets and service providers throughout the EU.
By choosing to register in France, both OKX and Gemini are positioning themselves to comply with these new EU-wide standards. France’s PSAN registration is considered a rigorous process that aligns well with MiCA’s requirements, potentially simplifying the path to compliance across other EU member states.
This move reflects a broader trend of major crypto exchanges seeking regulatory clarity and legitimacy in established markets. It also highlights France’s emerging role as a favorable destination for crypto businesses looking to operate within the European regulatory framework.
The approval of these two major exchanges is expected to influence the competitive landscape of crypto services in Europe, offering users more choices from regulated providers.
Frequently Asked Questions
What does PSAN registration mean for French users?
PSAN registration means that OKX and Gemini have met the regulatory requirements set by the AMF to offer digital asset services in France. Users can expect compliance with French financial regulations, including security and operational standards.
How does MiCA affect crypto exchanges in Europe?
MiCA establishes a harmonized regulatory framework across the EU for crypto asset services. Exchanges that comply with MiCA will be able to operate across all EU member states under a single license, reducing regulatory fragmentation.
What services can OKX offer in France after this registration?
OKX can now legally provide digital asset custody, facilitate buying/selling crypto with legal tender, and enable crypto-to-crypto trading for users based in France.
Why are major exchanges choosing France for registration?
France offers a clear regulatory pathway through the PSAN framework, which is aligned with upcoming EU-wide regulations. This makes it an attractive base for exchanges planning to operate across Europe.
Is user fund safety enhanced with this registration?
Registration requires compliance with specific operational and security standards set by the AMF, which typically includes measures to safeguard user assets and ensure platform integrity.
How does this affect the broader European crypto market?
The entry of well-established, regulated exchanges like OKX and Gemini into the French market increases competition, provides users with more options, and contributes to the maturation of the European crypto ecosystem.