Societe Generale’s (GLE) cryptocurrency business, SG Forge, has been the first company to be granted a licence to provide crypto services in France by the country’s financial regulator.
According to the website of the Autorité des Marchés Financiers (AMF), SG Forge is licenced to provide digital asset buying and selling, exchange, and custody as of July 18.
While dozens of crypto enterprises, including the world’s largest cryptocurrency exchange, Binance, are registered with the AMF, the crypto branch of France’s third-largest bank by market capitalization is the first to acquire a licence.Firms that provide crypto custody, exchange, or trading services in France must be registered. As a result, licencing should demonstrate higher regulatory compliance than registration.
According to the AMF, licencing requires the company to be incorporated in France and to “comply with certain requirements in terms of organisation, financial resources, and business conduct.”. As a result, licencing should demonstrate higher regulatory compliance than registration. The certification “confirms its pioneering role in the crypto assets ecosystem,” SG Forge CEO Jean-Marc Stenger said in a statement, marking a “important step” for the Ethereum-based CoinVertible stablecoin (EURCV).