- Société Générale, one of France’s largest commercial banks, has successfully obtained France’s first crypto license for its crypto division, FORGE.
- In France, companies need to register to offer crypto custody, exchange, or trading services.
- The SG FORGE platform has announced a “convertible” stablecoin, a corporate-grade stablecoin distributed on the Ethereum blockchain network.
Société Générale, one of Europe’s largest banks based in France, has become the first company to obtain a license to offer crypto services in France.
Société Générale Secures Crypto License in France
Société Générale, one of France’s largest commercial banks, has successfully obtained France’s first crypto license for its crypto division, FORGE. The latest development shows that SG FORGE received its AMF license on Tuesday, July 18. As a result, the crypto division can now offer services such as buying/selling digital assets and digital asset custody solutions in compliance with regulations.
Société Générale, the 3rd largest bank in France, has been licensed to offer #crypto services in France, becoming the first company in France to receive this license.
— CoinOtag EN (@coinotagen) July 19, 2023
Additionally, it includes services related to the execution, reception, and transmission of third-party orders for digital assets. There are several crypto companies registered with the AMF, including the world’s largest crypto exchange, Binance. However, Société Générale’s crypto division, FORGE, has become the first company to obtain the license. Last month, Binance was accused of failing to comply with AML and KYC regulations in France.
In France, companies need to register to offer crypto custody, exchange, or trading services. This process involves meeting specific requirements related to organization, financial resources, and the manner of doing business. Additionally, the company needs to be established in France to obtain the license, as specified on the Autorité des Marchés Financiers (AMF) website.
Therefore, obtaining a license demonstrates a higher level of compliance with regulatory standards beyond just registration.
More Information About the FORGE Division
Societe Generale – FORGE offers new and innovative services to issuers and investors. Leveraging the expertise of Societe Generale Group, they help manage digital financial products recorded on the blockchain.
FORGE services are based on legal, operational, and technical frameworks to ensure full legal and regulatory compliance, enable easy integration with legacy systems (which limits adaptation costs), and allow for the use of different blockchain protocols.
In April 2023, the SG FORGE platform announced a “convertible” stablecoin, a corporate-grade stablecoin distributed on the Ethereum blockchain network.
The French banking platform, SG FORGE, aims to bridge the gap between digital assets and capital markets. Therefore, all SG FORGE solutions are fully compliant with capital market practices.
