Société Générale, which is one of the most respected commercial banks in France, has earned the distinction of being the first organization in the country to obtain a crypto license. This is with regards to its crypto division, FORGE, and the license is in the form of an AMF authorization.
This may witness the crypto division offering its services related to digital asset custody solutions, along with the opportunity of buying and selling digital assets via the utilization of fiat currency. There may be the sending and receiving of orders from third parties too.
AMF, on its part, has seen the listing of various crypto firms, out of which, Binance, being the largest cryptocurrency exchange globally, is one of them. There are allegations doing the rounds that Binance has been responsible for breaking through AML, as well as KYC in France.
France is strict about the fact that companies are required to be listed for carrying out cryptocurrency-related activities. There is a list of regulatory clauses that the companies need to comply with. As per the AMF website, licenses are issued on the condition that the businesses applying for them have a physical setup in the country.
SG FORGE helps investors in controlling the digital financial tools that are listed on the blockchain. FORGE is responsible for providing advice for matters of legality, as well as operational and technological infrastructure. In this way, they are able to successfully back the utilization of various blockchain protocols.
In April 2023, the SC FORGE platform was instrumental in delivering its convertible stablecoin. This was created on the Ethereum blockchain suited for institutional setups. Their aim is to link digital assets with financial markets. Therefore, for them, it is mandatory to ensure the solutions they offer are in compliance with the set processes in the financial arena.
Source: https://www.cryptonewsz.com/societe-generale-leads-the-crypto-license-race/