SG-FORGE, the cryptocurrency unit of French giant Société Générale Group, has become the first institution to obtain a cryptocurrency regulatory license in France, enabling the company to act as a regulated digital asset service provider (DASP) in the country.
According to a Updated list From the website of the financial markets regulator in France, Autorité des Marchés Financiers (AMF) Societe Generale-Forge is listed as the only authorized DASP.
The subsidiary received regulatory approval from the Arab Monetary Fund on July 18, following a previous DASP registration in September 2022.
With the license, SG-FORGE will be able to offer digital asset trading and custody, as well as the buying and selling of cryptocurrencies for legal tender.
according to press releaseThe cryptocurrency unit stated that the licensing of DASP by a “major EU regulator” represents “an important step in the development of Euro CoinVertible (EURCV).
(embed) https://www.youtube.com/watch?v=9qxh1vgHgY8 (/embed)
In April, SG-FORGE launched EURCV, a euro stablecoin built on Ethereum, designed to bridge the gap between digital assets and traditional capital markets.
By approving the DASP license, Societe Generale-FORGE confirms its leading role in the crypto-asset ecosystem. This move will allow us to continue supporting our institutional clients who wish to benefit from services on digital assets that meet the highest standards of compliance and banking security.”
Jean-Marc Steinger, CEO of SG-FORGE
Meanwhile, Binance, which received a DASP registration from AMF in May 2022, is allegedly under investigation by French authorities for a money laundering case that was ongoing before AMF’s registration for the company was approved.