Cryptocurrency

Societe Generale subsidiary receives France’s first crypto services license

According to sources, Forge, a subsidiary of Societe Generale, has become the first company to obtain a crypto services license in France. July 19th announcement.

The company is a blockchain subsidiary of Societe Generale, France’s third largest bank. The company is currently the only company to hold a Digital Asset Service Provider (DASP) license from the French Monetary Authority (AMF).

Jean-Marc Stenger, CEO of Société Générale Forge, said:

“This will enable us to continue to support institutional customers who want the benefits of digital asset services that meet the highest standards of compliance and banking security.”

Société Générale loosely described the DASP license as the “highest level” of digital asset authentication that companies can currently obtain. The license has drawn attention for its focus on security, compliance, internal controls and regulatory capital.

The company said the license will not only help meet demand from institutional customers, but also help develop the Euro CoinVertible (EURCV) stablecoin. The company released its stablecoin on Ethereum in April, but it was controversial after independent developers pointed out obvious flaws in the project’s code.

The Société Générale Forge also acknowledged that the license will help prepare for work within Europe’s upcoming MiCA regulations. According to a Bloomberg report, explained Cryptographic services must obtain licenses from EU member states to operate under the MiCA regulations in the region from January 2025.

DASP licenses are built upon registration

Société Générale Forge said it obtained DASP registered status in September 2022, prior to obtaining its current DASP license.

He said the registration was a “mandatory step” to participate in various activities. The registration specifically allowed the company to store digital assets, buy and sell digital assets in fiat currency, and offer digital asset trading.

Société Générale Forge is the only company with a French DASP license, 90 companies obtained the French Junior DASP registration. Prominent companies that have done this include Binance France, Etoro, Crypto.com (Foris) and Bitpanda.

Post-Societe Generale Subsidiary Acquires France’s First Crypto Service License Appeared first on CryptoSlate.

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