Société Générale’s Crypto Division Gains License
A crypto business owned by banking group Société Générale has become the first entity in France to be licensed by the country’s financial regulator as a digital asset provider.
The approval of SG Forge, an investment firm which operates a digital assets platform, is the highest level of French regulatory certification currently possible for businesses in the space.
The Autorité des Marchés Financiers (AMF) currently operates a two-tiered crypto regulation system: crypto firms are required to complete basic registration with the regulator in order to offer their services, but they can also choose to go through a more stringent process to secure a full licence.
Despite the fact that over 80 companies are now registered with the AMF, none had received a full licence prior to SG Forge’s clearance on Tuesday.
SG Force has been certified as a digital asset service provider (DASP) to operate in four sectors, including custody and trading, according to a registration on the AMF’s website.
(With inputs from Shikha Singh)
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