Societe Generale Makes History with First DASP License in France

Societe Generale Receives First DASP License in France

Societe Generale has made history by becoming the first company to receive a digital asset service provider (DASP) license in France. The French regulator, Autorité des Marchés Financiers (AMF), granted the license to Societe Generale-Forge, the bank’s crypto asset division. This license allows Forge to engage in various activities related to digital assets, including custody, buying and selling, and trading.

Key Points:
– Forge’s DASP license confirms its pioneering role in the crypto assets ecosystem.
– The license will enable Forge to cater to the demand for digital assets from institutional clients.
– While many crypto firms are registered with the AMF, only Societe Generale’s Forge has obtained a DASP license.
– Obtaining a license requires a higher level of compliance compared to registration, including being domiciled in France and meeting specific organizational and financial requirements.
– The EU’s regulatory framework, MiCA, mandates that digital asset providers must have a full license from a member state by January 2025 to operate within the EU.

Hot Take

Societe Generale’s receipt of the first DASP license in France is a significant milestone for both the bank and the crypto industry in the country. It highlights the increasing recognition and acceptance of digital assets within the traditional financial sector. This development will likely pave the way for more financial institutions to enter the crypto space and provide services to institutional clients. With the upcoming EU regulations, obtaining licenses will become even more crucial for digital asset providers to ensure compliance and enhance investor confidence.