Societe Generale’s FORGE Secures French Crypto License

One of France’s largest commercial banks – Société Générale – has managed to secure the first French crypto license for its crypto division FORGE.

The latest development shows that SG FORGE obtained the AMF license on Tuesday, July 18. Thus, the crypto division can now offer services like the purchase/sale of digital assets with legal tender as well as digital asset custodial solutions. It also includes offering services for transactions, receipt and transmission of third-party orders for digital assets.

There are dozens of crypto firms registered with the AMF, including the world’s largest crypto exchange Binance. However, FORGE – the crypto division of France’s third-largest bank – becomes the first to secure a license. Last month, Binance also came under scrutiny for failing AML and KYC compliance in France.

To operate crypto custody, exchange, or trading services in France, firms must undergo registration. This process involves meeting specific requirements related to organization, financial resources, and business conduct. Additionally, the firm should be established within France to be eligible for licensing, as per the Autorité des Marchés Financiers (AMF)’s website.

Hence, obtaining a license indicates a higher level of adherence to regulatory standards compared to mere registration.

More About SG’s Crypto Division FORGE

Societe Generale – FORGE offers new and innovative services to issuers and investors. They help manage digital financial products registered on the blockchain by using the expertise of Societe Generale Group teams.

FORGE services build upon legal, operational, and technical frameworks to ensure full legal and regulatory compliance from day one, enable simple integration within legacy systems (thus limiting adaptation costs), and allow the use of different blockchain protocols.

Earlier this year in April 2023, the SG FORGE platform unveiled its native stablecoin “convertible”. This is an institutional-grade stablecoin deployed on the Ethereum blockchain network.

With the SG FORGE platform, the French banking platform aims to bridge the gap between digital assets and capital markets. Thus, all SG FORGE solutions are fully compliant with capital market practices.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.