Societe Generale Becomes First Company to Win French Crypto License
SG Forge is licensed to provide buying and selling, exchange and custody of digital assets.
Societe Generale's (GLE) cryptocurrency division, SG Forge, has become the first company to receive a license to offer crypto services in France from the country's financial regulator.
SG Forge is licensed to provide buying and selling, exchange and custody of digital assets as of July 18, according to the .
While dozens of crypto firms, including the world's largest cryptocurrency exchange, , are registered with the AMF, the crypto division of France's third-largest bank by market cap is the first to receive a license.
Registration is necessary for firms to provide crypto custody, exchange or trading services in France.
Licensing requires the firm to be established in France and for it to "comply with certain requirements in terms of organisation, financial resources and business conduct," .
Therefore, licensing should demonstrate a greater deal of compliance with regulatory requirements than does registration.
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UPDATE (July 19, 09:42 UTC): Adds additional detail about nature of AMF licensing.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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