SG-FORGE, the cryptocurrency unit of the French multinational financial giant, Société Générale Group, has become the first institution to receive a cryptocurrency regulatory license in France, enabling the company to operate as a regulated digital asset service provider (DASP) in the country.
According to an updated list from the website of France’s financial markets watchdog, Autorité des Marchés Financiers (AMF) Societe Generale-Forge was listed as the only licensed DASP.
The subsidiary received regulatory approval from the AMF on July 18, following a previous DASP registration in September 2022.
With the license, SG-FORGE would be able to offer trading and custody of digital assets, as well as buying and selling of crypto for legal tender.
According to a press release, the cryptocurrency unit stated that the DASP license by “a major EU regulator” serves as an “important step for the development of Euro CoinVertible (EURCV).
In April, SG-FORGE launched EURCV, a euro stablecoin built on Ethereum, designed to bridge the gap between digital assets and traditional capital markets.
With the DASP license approval, Societe Generale-FORGE confirms its pioneering role in the crypto assets ecosystem. This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.”
Jean-Marc Stenger, CEO of SG-FORGE
Meanwhile, Binance, which received DASP registration from the AMF in May 2022, is allegedly under investigation by French authorities for money laundering which has been ongoing before the company’s AMF registration approval.