Societe Generale Unit Wins First Crypto Licence in France

Updated: 19 July 2023

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Societe Generale trading platform Forge became the first company to win a crypto licence in France.

The licence enables it to offer residents crypto services, including digital assets custody and trading, Forge said.

JUST IN: 🇫🇷 France’s third largest bank, Societe Generale, obtains the country's first #crypto license.

— Watcher.Guru (@WatcherGuru) July 19, 2023

Societe Generale at Forefront of French Drive Into DeFi

France is developing into a decentralized finance (DeFi) powerhouse due to its crypto-friendly policies to facilitate easy understanding and compliance.

Its rapid growth is expected to fuel the rise of blockchain technology alongside internal and external crypto-related firms’ expansion in its region.

However, the AMF believes the country’s burgeoning DeFi sector needs regulations that are easy to understand and follow.

AMF registers Binance and over 80 Exchanges

At press time, there are over 80 digital trading companies registered with the Autorité des Marchés Financiers (AMF) as Digital Asset Service Providers (DASPs).

These companies range from Binance and other firms such as Hexadigital, Trakx SAS, Flowdesk SAS, Caisse Des Depots Et Consignations, and Cryptosimple SAS.

However, none had secured a full license with the AMF until Société Générale entity group Forge approval on July 18th.

Jean-Marc Stenger, the CEO of SG Forge group, revealed that the full license would allow the platform to support French-based crypto investors keen on accessing digital asset services of the highest standards.

Stenger said that Forge will be a pioneering force in France’s developing crypto industry, offering individuals a secured and transparent pathway to trade these virtual currencies.

AMF Mandatory Registration for Four Digital Services

The Autorité des Marchés Financiers (AMF) stated that all digital platforms operating in the region must register with its agency to provide four integral services to residents.

These services entail digital asset custody, buying or selling digital assets through legal tender (Euro €), trading of digital assets against other digital assets, or the operation of a trading platform for digital assets.

The mandatory registration applies to Digital Asset Service Providers (DASPs) established in France and outside France.