Societe Generale’s Crypto Division, SG Forge, Granted First Crypto Services License in France

Societe Generale’s Crypto Division, SG Forge, Granted First Crypto Services License in France

SG Forge, the cryptocurrency division of Societe Generale (GLE), has achieved a remarkable milestone by becoming the first company to obtain a license from France’s financial regulator, the Autorité des Marchés Financiers (AMF), enabling them to offer crypto services in the country.

The license granted to SG Forge covers a range of crypto-related activities, including buying, selling, exchanging, and custody of digital assets, and it came into effect on July 18, as confirmed by the AMF’s official website.

Although numerous cryptocurrency firms, including the prominent Binance, are registered with the AMF, SG Forge, as the crypto division of France’s third-largest bank by market capitalization, stands as the pioneer to be granted an official license for its operations.

To operate in the French market, it is essential for firms to either register or obtain a license from the regulatory authorities. In SG Forge’s case, securing a license indicates a higher level of adherence to regulatory requirements compared to mere registration.

In order to be eligible for the license, SG Forge had to meet specific criteria, including being a registered entity in France and demonstrating compliance with various organizational, financial, and business conduct standards set forth by the AMF.

Jean-Marc Stenger, the CEO of SG Forge, expressed the significance of this achievement by highlighting the unit’s pioneering role in the crypto assets ecosystem. He further emphasized that the license approval marks an essential milestone, particularly for the Ethereum-based stablecoin, CoinVertible (EURCV).

In conclusion, SG Forge’s attainment of the first crypto services license in France signifies a major breakthrough for the company and reaffirms its leading position in the rapidly evolving crypto industry.