SG Forge, the cryptocurrency division of Société Générale, has achieved a significant milestone by becoming the first company in France to obtain the highest access licence for offering crypto services within the country.
The licence, known as ‘Prestataire de Service sur Actifs Numériques’ (PSAN) or Digital Asset Service Provider, grants SG Forge the authority to hold custody of digital assets, buy and sell them for legal tender, and trade them against each other.
According to Jean-Marc Stenger, SG Forge’s CEO, this achievement ensures that they can continue to provide uninterrupted support to institutional clients seeking services related to digital assets. It also demonstrates their commitment to maintaining the highest standards of compliance and banking security.
While several companies, such as Binance, are registered with the AMF, SG Forge has become the first to receive this top-level approval for a comprehensive suite of services from the regulatory authority.
France’s Digital Asset Service Providers (DASP) regime is significantly intricate compared to the registration process for crypto companies, which primarily focuses on compliance with anti-money laundering regulations. According to Business FM, a local radio station, these rigorous requirements for obtaining approval create a clear advantage for large traditional banks over smaller crypto companies.
This is not Société Générale’s first foray into the crypto world. France’s third-largest bank has recorded significant activities in sector within the past few months. In April 2023, the bank issued $112 million worth of euro bonds as security tokens on the Ethereum blockchain. In the same month, SG Forge introduced the EUR CoinVertible, a stablecoin pegged to the euro exclusively for qualified institutional clients onboarded through Société Générale’s Know Your Customer and Anti-Money Laundering procedures.
SG Forge’s achievement demonstrates its leading position in the French crypto market and solidifies its commitment to providing comprehensive and secure crypto services to institutional clients.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.
