Societe Generale’s crypto unit has received France’s crypto license under the new regulatory regime.
The license will allow SG Forge to offer buying and selling and custody of crypto assets.
SG Forge is now recognized as a licensed digital asset service provider in France.
The regulatory approval is an important step in the development of the bank’s EURCV stablecoin.
Societe Generale, the third largest bank in France, has obtained a license from the country’s top market regulator to offer crypto products and services. The regulatory approval was given to the bank’s crypto division, Societe Generale Forge (SG Forge) by the Autorité des Marchés Financiers’ (AMF), and was the first crypto license granted to a crypto entity in France.
License Will Aid The Development of Societe Generale’s EURCV Stablecoin
According to a press release by SG Forge, the regulatory license approval from the AMF will allow the firm to offer services, including trading, sales, exchange, and custody of crypto assets in the country. Several mainstream crypto entities, including crypto exchange Binance, are registered with France’s top market regulator, but SG Forge is the first licensed digital asset service provider (DASP) in the country.
“With the DASP license approval, Societe Generale – FORGE confirms its pioneering role in the crypto assets ecosystem. This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.”
Jean-Marc Stenger, Chief Executive Officer of Societe Generale-FORGE
Societe Generale previously registered with the AMF in September last year. As a licensed digital asset service provider, SG Forge will be required to follow local rules related to business conduct, financial disclosures, etc., in the interest of regulatory compliance and investor protection.
The banking giant stated that the regulatory approval would allow it to be compliant with the recently approved Markets in Crypto Assets (MiCA) rules, which require all crypto firms to be licensed from a European nation by 2025 to operate in the European Union. SG Forge added that the license was an important step for developing its Euro Convertible (EURCV) stablecoin, which was deployed on Ethereum in April this year.