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The SG Forge division of Societe Generale has obtained the first ever crypto license from the Autorité des Marchés Financiers, allowing them to conduct a full crypto operation in France.
SG Forge, which is now fully authorized by the AMF as a digital asset service provider (DASP), can provide services including buying, selling and exchanging digital assets and custody services. The new license distinguishes SG Forge from many other crypto firms operating in France, including Binance, the world’s largest cryptocurrency exchange, which is registered but does not hold a license.
Jean-Marc Stenger, the CEO of SG Forge, stated that this is the first step in the “pioneering role of the crypto assets ecosystem” in a press release on July 19.
The granting of this license to SG Forge by Société Générale is not an easy 1 Each.
While registration is required for companies to operate in the French crypto sector, licensing requires a higher level of compliance with regulatory demands. To qualify as a DASP, companies “meet certain requirements in terms of organization, financial resources and business ethics.” In addition:
“The application can be submitted when all parts of the licensing application are ready and all the necessary annexes and forms have been filled. Your application must contain a detailed description of the account of digital-asset services for which you want to obtain a license.”
