Societe Generale’s crypto arm – SG Forge – announced acquiring a regulatory license approval as Digital Asset Service Provider from the French Financial Markets Authority (AMF). With it, SG Forge has become the first company to receive a license from France’s financial regulator as a digital asset provider.
The DASP license represents the highest level of regulatory certification currently possible for digital asset activities. It is important to note that over 80 entities are currently registered with the AMF, including Binance. But none of them have managed to score a full license until SG Forge’s approval.
French DASP License
According to the official press release, SG Forge will be able to serve French customers as a custodian for digital assets, enable the buying and selling of them using legal tender, trade them for other digital assets, and handle third-party orders.
the approval by a major EU national regulator is a huge milestone for SG Forge, especially for the development of its recently deployed Euro CoinVertible (EURCV). SocGen said that the move is also crucial for its plans to meet the demands from institutional clients for digital assets.
In a statement, Jean-Marc Stenger, Chief Executive Officer of SocGen’s Forge, said,
“With the DASP license approval, Societe Generale – FORGE confirms its pioneering role in the crypto assets ecosystem. This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.”
France Crypto License Process
Over the past couple of years, France has attracted several prominent crypto firms to establish their footprint. For the purpose of operation and offering services such as crypto custody, exchange, or trading services in the country, it’s mandatory for companies to register with relevant authorities.
But obtaining a license is a complex process as the crypto companies need to establish a base in France and comply with specific regulations stated by the French financial regulator, AMF.
Hence, SocGen said the license approval for its crypto venture depicts a “comprehensive level of security and reliability of compliance, internal control, and cybersecurity processes and systems, as well as the maintenance of sufficient regulatory capital.”
The post Societe Generale’s Crypto Arm Becomes First Entity to Score France’s DASP License appeared first on CryptoPotato.