• Societe Generale’s SG Forge has become the first company to receive a license from the French financial regulator to provide crypto services.
• The license allows SG Forge to offer buying and selling, exchange, and custody of digital assets.
• To be granted this license, firms must comply with certain regulatory requirements such as organisation, financial resources, and business conduct.
Societe Generale Wins French Crypto License
Societe Generale’s (GLE) cryptocurrency division, SG Forge, has become the first company to receive a license from France’s Autorité des Marchés Financiers (AMF) to provide crypto services in the country. This includes buying and selling, exchange and custody of digital assets.
Requirements for Licensing
In order for firms to provide crypto custody, exchange or trading services in France they must register with the AMF. However, licensing requires an additional step that is more rigorous than just registration. Firms must have an established presence in France and also comply with certain requirements regarding their organization, financial resources and business conduct if they want to be approved for a license.
SG Forge: First Company Licensed
SG Forge has become the first company to meet these stringent criteria set by the AMF and receive their official approval as of July 18th. This approval confirms its pioneering role in the crypto assets ecosystem according to Jean-Marc Stenger CEO at SG Forge who also commented on an “important step” for their Ethereum-based CoinVertible stablecoin (EURCV).
Other Companies Registered
Although dozens of other companies are registered with the AMF including Binance (the world’s largest cryptocurrency exchange), only SG Forge has so far achieved full licensing status which demonstrates greater compliance with regulatory requirements than does registration alone.
By becoming the first company licensed by France’s Autorité des Marchés Financiers (AMF) SG Forge has taken an important step forward in setting itself apart from other companies operating in this space who are merely registered but not licensed yet. Licensing provides greater assurance that companies are compliant with all applicable regulations within their jurisdiction thus giving them access to new opportunities as well as increased trust from customers looking for reliable service providers within this sector.