First French Crypto License Given to Societe Generale's Crypto Branch
Société Générale's SG Forge division earns the first-ever, rather difficult to obtain crypto license from the Autorité des Marchés Financiers, allowing them to conduct a full range of crypto operations in France.
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Société Générale’s SG Forge division earns the first-ever crypto license from the Autorité des Marchés Financiers, allowing them to conduct a full range of crypto operations in France.
SG Forge, now fully authorized by the AMF as a digital asset service provider (DASP), can provide services including the buying, selling and exchanging of digital assets and custody services. The new license distinguishes SG Forge from numerous other crypto firms operating in France, including Binance, the world’s largest cryptocurrency exchange, which are registered but do not hold a license.
Jean-Marc Stenger, the CEO of SG Forge, stated that this is the first step in “pioneering role in the crypto assets ecosystem” in a press release on July 19 The DASP is a difficult license to obtain in France, as it “it demonstrates a comprehensive level of security and reliability of compliance, internal control and cybersecurity processes and systems.”
Granting this license to Société Générale’s SG Forge is no easy task, as the French market has been bearish on crypto licenses because it “represents the highest level of regulatory certification currently possible for digital asset transactions.”
While registration is required for firms to operate in the French crypto sector, licensure necessitates a higher level of compliance with regulatory demands. To qualify as a DASP, companies much “comply with certain requirements in terms of organisation, financial resources and business conduct.” Moreover:
“The application may be submitted when all parts of the licensing application are ready and all the required annexes and forms have been filled in. Your application should contain a detailed narrative description of the digital-asset services for which you want to obtain licensing.”