- Société Générale’s crypto division, FORGE, has secured France’s first-ever crypto license, enabling it to offer a range of regulated digital asset and custodial services.
- Unlike simple registration, this license demands a higher level of compliance with regulatory standards, affirming the legitimacy of FORGE’s operations.
Landmark Achievement in French Crypto Sphere
Société Générale, one of France’s foremost commercial banks, has etched its name in the annals of cryptocurrency history. The bank’s crypto division, FORGE, has been granted the first-ever French crypto license, a significant development in France’s burgeoning crypto landscape.
The Autorité des Marchés Financiers (AMF), France’s financial markets regulator, confirmed on Tuesday, July 18, that SG FORGE had been awarded the coveted license. This groundbreaking event marks a milestone in the evolution of digital asset services, positioning FORGE to offer an array of services, including the purchase and sale of digital assets against legal tender, digital asset custodial solutions, and transactions, receipt and transmission of third-party orders for digital assets.
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While numerous crypto firms are registered with the AMF, including Binance, the world’s largest crypto exchange, FORGE has set a precedent by becoming the first to secure a license. This accomplishment gains added significance given the scrutiny Binance faced recently over failing AML and KYC compliance in France.
In France, firms intending to offer crypto custody, exchange, or trading services must undergo a rigorous registration process, which includes meeting specific organizational, financial, and business conduct requirements. Moreover, the firm must be established in France to be considered for licensing. Hence, FORGE’s licensing signifies a superior level of compliance with regulatory standards compared to mere registration.
Revolutionizing Digital Finance: SG’s Crypto Division FORGE
Societe Generale – FORGE, is making waves in the world of digital finance by providing unique and innovative services to issuers and investors alike. They leverage the expertise of Societe Generale Group teams to manage digital financial products recorded on the blockchain.
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FORGE’s services are built on robust legal, operational, and technical frameworks, ensuring full legal and regulatory compliance right from the onset. This compliance, along with the seamless integration within existing systems, and the ability to leverage different blockchain protocols, greatly reduces adaptation costs.
In April 2023, SG FORGE made headlines with the unveiling of its institutional-grade stablecoin “convertible”, launched on the Ethereum blockchain network. Through the SG FORGE platform, Société Générale aims to create a conduit between digital assets and capital markets, thereby ensuring that all SG FORGE solutions are fully compliant with capital market practices.