Societe Generale Becomes First French Bank to Offer Crypto Services
Societe Generale, the third largest bank in France, has obtained a licence to provide trading and custody services for cryptocurrency assets. The bank’s cryptocurrency division, SG Forge, is now authorised to buy, sell, and hold digital assets. The acquisition of the Digital Asset Service Provider (DASP) licence demonstrates Societe Generale’s commitment to security, compliance, and regulatory capital. Jean-Marc Stenger, CEO of Societe Generale Forge, expressed the bank’s pioneering role in the crypto ecosystem and its dedication to providing high-standard services for institutional clients.
France’s Ambitions in the Crypto Space
Societe Generale’s entry into the crypto market strengthens France’s position as a leading crypto hub in Europe. The UK, as a non-EU country, may be closely monitoring this development to shape its own agenda for crypto dominance in the region. Other global players like Singapore, Dubai, and Hong Kong are also likely to observe these events with interest. In contrast, the US, the world’s largest economy, remains on the sidelines due to regulatory concerns and the perceived threat of crypto to the dollar. The US financial agencies and global organizations are aligned in their efforts to restrict the crypto industry.
No Technology Can Be Repressed Forever
Despite attempts to stifle the crypto industry, history shows that no technology has remained repressed for long. The US’s opposition to crypto reflects a shift in its direction as a world power. As the rest of the world embraces the benefits of crypto, the US risks falling behind in this technological revolution.
Hot Take:
Societe Generale’s entrance into the crypto space is a significant milestone for France and reinforces its ambition to become a leading crypto hub in Europe. As other countries and regions compete for dominance, the US’s reluctance to embrace crypto may hinder its position in the global financial landscape. However, the unstoppable nature of technological progress suggests that crypto will continue to thrive despite regulatory challenges.
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