Financial Services Giant Societe Generale Secures First French Crypto License For Its Crypto Division French banking giant
Societe Generale’s crypto arm has received
a full Digital Asset Service Provider (DASP) license from the country’s financial regulator
Autorité des Marchés Financiers (AMF).
SG Forge, the bank’s digital asset division,
has become the first entity to obtain a crypto permit in the country, allowing it to offer services including crypto custody, trading and sales
as of July 18, according to an update on AMF’s website.
Although crypto exchanges
like Binance, Voyager and Bitstamp have registered with the French financial watchdog, SG Forge has so far been the first and only company
to receive a DASP license.
This is because
AMF clearly differentiates between registration and licensing of digital asset service providers in France. In order to obtain a license, “you must comply with certain requirements
in terms of organization, financial resources and business conduct,” the regulator noted.
This suggests
that licensing demonstrates more significant compliance with AMF’s regulatory requirements, than registration. The DASP license is the “highest level of regulatory certification currently possible”
for crypto-related activities, the company press release said.
