Societe Generale’s SG Forge Receives DASP License from French Financial Regulator
Societe Generale’s crypto arm, SG Forge, has made history by becoming the first company to receive a Digital Asset Service Provider (DASP) license from the French Financial Markets Authority (AMF). This license allows SG Forge to serve as a custodian for digital assets, facilitate buying and selling with legal tender, trade assets for other digital currencies, and handle third-party orders.
Key Points:
– SG Forge is the first company to receive a DASP license from the AMF, despite over 80 entities being registered with the regulator.
– The DASP license is the highest level of regulatory certification for digital asset activities.
– The license is crucial for SG Forge’s plans to meet the demands of institutional clients for digital assets.
– Obtaining a license in France is a complex process that requires companies to establish a base in the country and comply with specific regulations set by the AMF.
– The approval of the license demonstrates the security, compliance, and reliability of SG Forge’s processes and systems.
Hot Take:
SG Forge’s acquisition of the DASP license is a significant milestone for the company and the crypto industry in France. It showcases their commitment to providing institutional clients with compliant and secure digital asset services. This move solidifies SG Forge’s pioneering role in the crypto ecosystem and positions them as a trusted player in the market.