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France greenlights Société Générale’s crypto operations

Posted:Oct 17, 2022 15:15 Category: Blockchain , Crypto , Regulatory , Posted by
Teuta Franjkovic

Société Générale, France’s third-largest bank by assets, has received permission from the country’s financial authority to operate crypto services in France.

Société Générale to provide purchase, sale, exchange and custody of digital assets

According to official Autorité des Marchés Financiers (AMF) records, the bank’s digital asset branch, SG Forge, was registered for three activities connected with crypto trading.

By French law, in order to offer services such as crypto custody or operating an exchange, all interested parties have to register with the AMF.

With this registration, SG Forge is allowed to provide the purchase, sale, and exchange of digital assets as well as custody services. However, it still needs to apply for license to operate a trading platform.

SG Forge was created back in 2018 as one of 60 internal startups founded within Société Générale. The company is the leader of the bank’s blockchain projects, which are focused on creating a French central bank digital currency (CBDC). Therefore, it has partnered with crypto behemoths such as Tezos and ConsenSys.

In 2019, France established a legal framework for all crypto service providers and initial coin offerings (ICOs) and reinforced the sovereignty of the AMF as the leading crypto regulator.

SGSS offers services for asset management companies’ crypto funds

This, however, isn’t the French bank’s only shot at the crypto industry. Recently, Societe Generale Securities Services (SGSS) started offering asset managers the possibility to act as fund custodians, valuators and liability managers. These services enable asset management companies to improve and optimize their offer within the European regulatory framework.

SG Forge also recently announced its partnership with Swiss custody specialist Metaco so it could concentrate more on developing its security tokens offering. SG Forge was also a designer of the European Investment Bank’s €100 million ($97.5 million) ‘Pro-crypto’ France digital bond.

With this step, SG Forge stood in line with crypto giants such as Binance, eToro, and Crypto.com.

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