Société Générale’s Crypto Division Granted First License For Crypto Services In France

Key Points:

• Société Générale’s cryptocurrency division, SocGen Forge, receives the first license to offer crypto services in France from the country’s financial regulator.
• The license allows SocGen Forge to provide digital asset custody, buying, and selling of digital assets with legal tender, and other related services.
• This landmark license positions Société Générale as a pioneer in the French banking sector, opening doors for further crypto-related innovations and services.

Société Générale’s cryptocurrency division, SocGen Forge, has made history as it becomes the first company to receive a license from France’s financial regulator, Autorité des Marchés Financiers (AMF), to offer cryptocurrency services in the country.

This milestone sets a significant precedent for the crypto industry in France and highlights the increasing acceptance of digital assets by traditional financial institutions.

The license obtained by SocGen Forge allows the division to provide a range of digital asset services, including custody, buying and selling, exchange, and the receipt and transmission of third-party orders for digital assets. This regulatory approval gives SocGen Forge the necessary framework to operate within the French market and offer secure and compliant cryptocurrency services to its clients.

In April, SocGen Forge launched its own stablecoin called EURCV (EUR CoinVertible) on the Ethereum blockchain. This stablecoin, backed by the euro, provides a reliable and transparent digital asset for on-chain transactions. The issuance of a stablecoin by a subsidiary of a global systemically important bank (G-SIB) on a public blockchain further demonstrates SocGen Forge’s commitment to innovation and its willingness to embrace the potential of blockchain technology.

SocGen Forge has been at the forefront of blockchain adoption and has previously played a significant role in groundbreaking initiatives. It provided the infrastructure for the first blockchain bond issued by the European Investment Bank (EIB) on the Ethereum network. The division also became the first major commercial bank to launch a public blockchain bond in 2019. These achievements reflect SocGen Forge’s commitment to leveraging blockchain technology for more efficient and secure financial transactions.

While other crypto firms, including prominent exchanges like Binance, are registered with the AMF, Société Générale’s crypto division stands out as the first to receive a license. This recognition underscores the division’s adherence to regulatory standards and its commitment to providing reliable and compliant cryptocurrency services to its customers.

Société Générale, as one of France’s largest commercial banks and a systemically important bank globally, holds a prominent position in the financial industry. Its entry into the cryptocurrency sector through the licensing of its crypto division demonstrates the growing acceptance and integration of digital assets into the traditional banking landscape. The development further contributes to the maturation and mainstream adoption of cryptocurrencies, bringing them closer to becoming an integral part of the global financial system.

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