Societe Generale was granted a license to work with cryptocurr | Crypto | Bitcoin | Ethereum | Altcoin | News

Societe Generale was granted a license to work with cryptocurrency
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SG Forge, the cryptocurrency division of Societe Generale Bank, has become the first company to receive a license from the French Financial Market Supervisory Commission (AMF) to provide crypto services in the country. Since July 18, SG Forge has been authorized to buy, sell, exchange and store digital assets.

While dozens of cryptocurrency companies, including the world's largest crypto exchange Binance, are only registered with the AMF, SG Forge managed to obtain a license from the regulator. Licensing requires the company to be established in France and "comply with a number of requirements in terms of organization, financial resources and business conduct," according to AMF terms.

Deutsche Bank applied for a cryptocurrency license from the German regulator in June.

"We are growing our digital assets and custody business. We have just applied to Bafin for a digital asset license," Deutsche Bank's head of corporate banking David Lynn said at a June 20 conference.

The move is part of the bank's strategy to boost fee income, Lynn said. It also reflects efforts by Deutsche Bank's investment arm, DWS Group, to increase revenue from digital asset products.

Also recently, HSBC Bank's Hong Kong branch allowed customers to buy and sell exchange-traded fund (ETF) shares for bitcoin (BTC) and Ethereum (ETH) listed on the Hong Kong exchange, becoming the first bank in the region to officially approve the service.

In April, cryptocurrency exchange Coinbase received a Bermuda license to launch an offshore exchange and announced plans to open derivatives trading. The U.S. crypto platform has begun to expand its international presence amid difficulties with industry regulation in the United States.

Will the integration of banks into the cryptosphere be a positive thing, for the cryptocommunity?

- Yes
- No

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