France is consolidating its position as European leader in crypto. Four behemoths, including OKX and Gemini, have just obtained their PSAN approval from the AMF, joining Binance and Crypto.com.
OKX and GEMINI among the 4 New PSANs in France
France affirms its status as a European stronghold for cryptocurrencies. After Binance and Crypto.com last year, four new behemoths including OKX and Gemini have just obtained their registration as Digital Asset Service Providers (PSAN) with the AMF.
This wave of approvals follows that granted a few months ago to Société Générale. Indeed, its subsidiary SG-Forge had become the first French bank to obtain the precious ticket to carry out crypto activities, opening the way.
At the same time, two other specialized firms, Jobchain and Cifralfabeto, have also won this coveted ticket: the entry ticket to the promising crypto market with the approval of the French regulator.
New crypto leaders choose France
If France has established itself as the European stronghold of cryptos, it is no coincidence. France benefits from one of the most balanced and clear regulatory frameworks on the continent for this emerging digital asset class.
Certainly, all EU countries are moving quickly in this direction with the MiCA regulation expected in 2024 at community level. But France took the lead.
This is what motivated OKX, one of the main exchange platforms, to file an application for PSAN registration with theAMF. In the process, OKX created a French subsidiary in order to position itself on this promising market.
In its press release, the firm even assured that it considered France as one of its strategic hubs at the global level. Proof of the attractiveness of the French regulatory framework to support the growth of this sector.
Meanwhile, in the United States, regulators are waging a merciless crusade against crypto companies. Many American firms no longer hesitate to migrate to countries where regulations are more lenient, such as France. Binance and its founder CZ paid the price across the Atlantic, paying more than $4 billion to cooperate with American justice.
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