Forge, subsidiary of the Société Générale, receives the highest license for crypto services in France

Forge, subsidiary of the Société Générale, receives the highest license for crypto services in France

The Société Générale, the third largest bank of France, has received the highest license for crypto services in the country through its subsidiary Forge. This enables the company to keep digital assets to buy and sell them against legal means of payment and to act against each other.

On July 19, an update in the register of the French stock exchange supervisory authority, the authorité of the Marchés Financier (AMF), became known. The Société Générale described this accreditation as "the highest level of regulatory certification, which is currently possible for transactions with digital assets".

Although around 90 companies are already on the AMF list of the licensed providers, Forge is the first company to receive the highest approval for various services from the regulatory authority. According to the French radio station Business FM, strict requirements for this approval level give the large traditional banks a clear advantage over smaller crypto companies.

The Société Générale is already active in the crypto sector. She has released euro bonds on the Ethereum blockchain and securities token on the Tezos blockchain. The Bank Dai (DAI) also offers stablecoin loans in exchange for bond tokens. In April 2023, Forge introduced the EUR Coinvertible, a stable coin coupled to the euro that is only available to qualified institutional customers.

France is still considered one of the most crypto -friendly European regions. However, there was an investigation by the French daughter of Binance due to alleged violations of certain regulations.

With the allocation of the highest license for crypto services to Forge, the Société Générale has further consolidated its position as an important player in the crypto sector and demonstrates its willingness to invest in the field of digital assets.