Societe Generale’s cryptocurrency arm, SG Forge, has made history by becoming the first company to receive a regulatory license as a Digital Asset Service Provider from the French Financial Markets Authority (AMF). This license, known as the DASP license, is the highest level of regulatory certification available for digital asset activities. While there are currently over 80 entities registered with the AMF, including Binance, none of them have been able to secure a full license until now. SG Forge will now be able to serve French customers as a custodian for digital assets, facilitate the buying and selling of assets using legal tender, trade assets for other digital currencies, and handle third-party orders.
A Major Milestone for SG Forge and Euro CoinVertible
This approval from a major EU national regulator is a significant milestone for SG Forge, particularly in relation to its recently launched Euro CoinVertible (EURCV). The acquisition of the DASP license is also crucial for meeting the demands of institutional clients seeking digital asset services. Jean-Marc Stenger, the CEO of Societe Generale’s Forge, expressed the company’s excitement over the license approval, stating that it confirms their pioneering role in the crypto assets ecosystem. He also emphasized that this development will enable them to support institutional clients who wish to access digital asset services that meet the highest standards of compliance and banking security.
France’s Growing Attraction for Crypto Firms
Over the past few years, France has become an attractive destination for prominent cryptocurrency companies looking to establish their presence. To operate and offer services such as crypto custody, exchange, or trading in the country, companies must register with the relevant authorities. However, obtaining a license is a complex process that requires crypto firms to establish a base in France and comply with specific regulations set by the AMF. Therefore, Societe Generale believes that the approval of their license for SG Forge demonstrates a comprehensive level of security, reliability of compliance, internal control, cybersecurity processes and systems, as well as the maintenance of sufficient regulatory capital.
In summary, Societe Generale’s crypto arm, SG Forge, has made history by becoming the first company to receive a regulatory license as a Digital Asset Service Provider from the French Financial Markets Authority. This significant milestone allows SG Forge to serve French customers as a custodian for digital assets, facilitate the buying and selling of assets using legal tender, trade assets for other digital currencies, and handle third-party orders. The approval of the license is not only a major achievement for SG Forge but also crucial for meeting the demands of institutional clients and the development of their Euro CoinVertible. France’s growing attraction for crypto firms is evident, and Societe Generale’s license approval showcases their commitment to maintaining high standards of compliance, security, and reliability in the crypto assets ecosystem.