Financial Services Giant Societe Generale Obtains First French Crypto License for Its Crypto Division
The crypto arm of French banking giant Societe Generale has received a full digital asset service provider (DASP) license from the country’s financial regulator, Autorité des Marchés Financiers (AMF).
SG Forge, the bank’s digital asset division, has become the first entity to obtain a crypto permit in the country, allowing it to offer services including crypto custody, trading and sales starting July 18, according to a report. update on the AMF website.
Although cryptocurrency exchanges such as Binance, Voyager, and Bitstamp have registered with the French financial watchdog, SG Forge has so far been the first and only company to receive a DASP license.
This is because AMF clearly differentiates between registration and licensing of digital asset service providers in France. To obtain a license, “you must meet certain requirements in terms of organization, financial resources and business conduct,” the regulator noted.
This suggests that licensing demonstrates more meaningful compliance with AMF regulatory requirements than registration. The DASP license is the “highest level of regulatory certification currently possible” for crypto-related activities, the company Press release saying.
The license acquisition would help develop Euro CoinVertible (EURCV), the first institutional stablecoin implemented on the public Ethereum blockchain by SG Forge.
“This step will allow us to continue supporting our institutional clients who wish to benefit from digital asset services that meet the highest standards of banking security and compliance,” said Jean-Marc Stenger, CEO of SG Forge.
European Union MiCA Rule
The Markets for Crypto Assets (MiCA), the EU’s comprehensive package of rules to regulate the fledgling cryptocurrency sector, was adopted by the European Council on 16 May.
The rule was later signed into law of the comprehensive new regulatory framework for cryptocurrencies on May 31, along with a separate law that aims to prevent cryptocurrencies from being used for money laundering purposes.
After the EU passed its own MiCA rules, all cryptocurrency providers will need to have obtained a full license from a member state to be able to operate on the block by January 2025.