Societe Generale Gets Crypto License in France, Sets Pioneering Role
• Societe Generale Group’s cryptocurrency unit, SG-FORGE, has become the first institutional entity to obtain a digital asset service provider (DASP) license in France.
• The license enables the company to operate as a regulated DASP, providing services such as trading and custody of digital assets.
• SG-FORGE also launched Euro CoinVertible (EURCV), an euro stablecoin built on Ethereum designed to bridge the gap between digital assets and traditional capital markets.
Societe Generale’s Crypto Unit Secures License in France
The French multinational financial giant, Société Générale Group’s cryptocurrency division, SG-FORGE has become the first institution to receive a cryptocurrency regulatory license in France from Autorité des Marchés Financiers (AMF). This enables them to operate as a regulated Digital Asset Service Provider (DASP) in the country.
SG-FORGE Can Offer Trading and Custody of Digital Assets
With this license, SG-FORGE would be able to offer trading and custody of digital assets, as well as buying and selling of crypto for legal tender. It will also enable them to support their institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.
Euro CoinVertible (EURCV)
In April 2021, SG-FORGE launched Euro CoinVertible (EURCV), an euro stablecoin built on Ethereum designed to bridge the gap between digital assets and traditional capital markets. It is expected that with this approval EURCV will develop further.
Binance Under Investigation
Binance which received DASP registration from AMF in May 2022 is allegedly under investigation by French authorities for money laundering which has been ongoing before its AMF registration approval.
Conclusion
SG-FORGE’s success in receiving a DASP license from AMF confirms its pioneering role in the crypto assets ecosystem and is expected have major implications for EURCV development moving forward.