Forge, the subsidiary of Société Générale, the third largest bank in France, became the first company to obtain the highest access license for the provision of crypto services in the country – a requirement for many activities in service (PSAN). Now the provider has the right not only to keep digital assets but also to buy and sell them for legal tender and trade against each other.
The local media paid attention to the update of the register of the French stock market regulator, the Autorité des Marchés Financiers (AMF), on July 19. As stated by the representatives of Societe Generale in their press release:
“The accreditation represents the highest level of regulatory certification currently possible for digital asset transactions.”
Currently, around 90 companies are on the AMF’s list of licensed providers. For example, the subsidiary of the strong competitor of Societe Generale, the bank Crédit Agricole, got approval for digital custody in June 2023. However, Forge became the first to receive the highest approval for several services from the regulator. As the French radio station Business FM said, such strict requirements for this level of approval give a clear advantage to large traditional banks over small crypto companies.
Related: The reports of the ombudsman of the financial markets of France jumped on the mediations related to crypto
Societe General is very active in the crypto sector, issuing euro bonds on the Ethereum blockchain and security tokens on the Tezos blockchain, and proposing DAI stablecoin loans in exchange for bond tokens. In April 2023, Forge launched EUR CoinVertible, the euro-pegged stablecoin for qualified institutional clients. The new digital asset will only be available to investors who have been onboarded by Societe Generale through its Know Your Customer and Anti-Money Laundering procedures.
While France remains one of Europe’s most crypto-friendly jurisdictions, the local arm of Binance has been the subject of a preliminary investigation, carried out by the Judicial Investigation Service of Finance under the direction of the special interregional jurisdiction in Paris .
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