Société Générale’s cryptocurrency unit receives regulatory license in France
SG-FORGE, the cryptocurrency unit of Société Générale Group, has become the first institution to receive a cryptocurrency regulatory license in France. This license allows the company to operate as a regulated digital asset service provider (DASP) in the country. According to France’s financial markets watchdog, Autorité des Marchés Financiers (AMF), Societe Generale-Forge is the only licensed DASP listed on their website.
Key Points:
- SG-FORGE received regulatory approval from the AMF on July 18, following a previous registration in September 2022.
- The license allows SG-FORGE to offer trading and custody of digital assets, as well as buying and selling of crypto for legal tender.
- The cryptocurrency unit sees the DASP license as an important step for the development of their euro stablecoin, Euro CoinVertible (EURCV).
- SG-FORGE launched EURCV in April, which is built on Ethereum and aims to bridge the gap between digital assets and traditional capital markets.
- Binance, another company that received DASP registration from the AMF, is currently under investigation by French authorities for money laundering.
Hot Take:
Société Générale’s cryptocurrency unit receiving the first cryptocurrency regulatory license in France solidifies their pioneering role in the crypto assets ecosystem. This step enables them to continue providing institutional clients with compliant and secure digital asset services. However, the investigation into Binance for money laundering raises concerns about the overall regulation and oversight of the cryptocurrency industry in France.