FORGE, the cryptocurrency-focused subsidiary of French banking giant Societe Generale, which has branches in over 60 countries and stands as one of Europe’s largest banks, has achieved a significant milestone by obtaining a license that allows for the buying and selling of cryptocurrencies within the country. In doing so, the company becomes the first of its kind in France to receive such authorization.
Societe Generale’s Affiliate Secures Cryptocurrency License
With a strong presence in various global markets, Societe Generale’s subsidiary FORGE has now positioned itself to offer cryptocurrency-related services in the French market, where it can facilitate the trading and exchange of digital assets. This groundbreaking achievement marks a notable step forward in the integration of cryptocurrencies into the traditional financial landscape in France, signaling the bank’s recognition of the growing importance and potential of the crypto industry.
SG FORGE, a subsidiary of Societe Generale, one of France and Europe’s largest banks, has achieved a significant milestone by becoming the first company in the country to obtain a license from the Financial Markets Authority (AMF). With this license, the company is now authorized to offer services related to the buying, selling, and custody of cryptocurrencies.
Many cryptocurrency exchanges, including Binance, have previously engaged with AMF on various matters and registered with the authority. However, FORGE is the first company to secure this particular license. According to information on AMF’s website, the approval for the license was granted yesterday.
Established in 2019, FORGE, as a subsidiary of Societe Generale, provides a range of services in the digital assets space, including digital bond issuance, market making, liquidity provision, and advisory services related to cryptocurrency regulations.
In November 2021, Societe Generale issued Europe’s first digital bond, and it was FORGE that acted on behalf of the bank for this bond. Experts noted that this highly acclaimed digital bond marked a significant milestone in the financial world.
With its new license from AMF, SG FORGE is poised to further expand its offerings in the cryptocurrency space and play a leading role in the ongoing integration of digital assets into the traditional financial landscape. The achievement represents a notable step forward for Societe Generale and reflects the growing importance and interest in cryptocurrencies within the financial sector.
Traditional Financial Giants Continue to Support the Crypto Sector
As traditional financial giants strive to establish their presence in the cryptocurrency industry, they have emerged as pioneers in this burgeoning trend. Investment firm Fidelity, which has been offering crypto-based investment products since 2019, took a significant step to enhance its involvement in the space by applying for a spot in Bitcoin ETF. Following in its footsteps, BlackRock made a similar move, demonstrating the increasing interest of established financial players in the crypto realm.
Bitcoin, with its remarkable 80% surge in value in 2023, has asserted its dominance in the market, further encouraging the support of the industry from the traditional finance sector. The influx of such news from the traditional finance wing has contributed to the cryptocurrency market garnering widespread backing in recent months, enabling it to recover from adverse events more swiftly.
This ongoing trend of traditional financial giants embracing the crypto sector reflects the growing recognition of the significance and potential of digital assets within the broader financial landscape. As a result, the cryptocurrency market seems to be gaining resilience, benefiting from substantial support and proving its ability to overcome negative events more expeditiously.
About Societe Generale
Societe Generale is one of the most established foreign banks operating in Turkey. Societe Generale Turkey began its operational activities in 1990 and quickly became a leading business partner for major corporations and financial institutions.
With its team of international experts in investment banking and global financial markets, Societe Generale offers tailor-made financial solutions to meet specific needs.
Through its longstanding involvement in financing significant development and infrastructure projects in Turkey, Societe Generale Turkey has built strong relationships with important companies operating in the country.
Societe Generale Turkey provides issuers and investors with extensive market access, offering intelligent solutions and access to investment opportunities. It plays a significant intermediary role among issuers, investors, government entities, corporations, and financial institutions.
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