Societe Generale, a financial services giant, secures first French crypto license for its crypto division.
Societe Generale, a financial services giant, secures first French crypto license for its crypto division.
The Rise of Blockchain Technology in the Financial Industry

French banking giant Societe Generale’s crypto arm, SG Forge, has made history by becoming the first entity to receive a full Digital Asset Service Provider (DASP) license from France’s financial regulator, Autorité des Marchés Financiers (AMF). This license allows SG Forge to offer services such as crypto custody, trading, and sales, placing them at the forefront of the blockchain industry in the country 1.
While other crypto exchanges have registered with the French financial watchdog, AMF, SG Forge is the first and only company to receive a DASP license. This distinction is due to the AMF’s differentiation between registration and licensing of digital asset service providers. The regulator has set certain requirements in terms of organization, financial resources, and business conduct that must be met to obtain a license. Therefore, obtaining a license demonstrates a higher level of compliance with AMF’s regulatory standards than mere registration 2.
The DASP license is considered the “highest level of regulatory certification currently possible” for crypto-related activities 3. This significant achievement not only positions SG Forge as a trusted player in the market but also enables the development of Euro CoinVertible (EURCV), the first institutional stablecoin deployed on the Ethereum public blockchain. With this license, SG Forge can continue to provide institutional clients with services that meet the highest standards of compliance and banking security 4.
European Union’s MiCA Rule
The European Union (EU) has also been taking steps towards regulating the crypto sector. The Markets in Cryptoassets (MiCA), a comprehensive package of rules, was adopted by the European Council on May 16 and signed into law on May 31. This new regulatory framework aims to govern the crypto industry within the EU 5.
- FCA warns that crypto memes may breach financial promotion rules.
- G20 nations support stricter cryptocurrency regulations, according to India, the current presidency holder.
- UK watchdog considers crypto memes as financial promotions.
Under the MiCA rules, all crypto providers will be required to obtain a full license from a member state by January 2025 to operate within the bloc. This move ensures that crypto activities are conducted in a regulated and secure environment, protecting both investors and the financial system from potential risks 6.
The introduction of the MiCA rule signifies the growing recognition of blockchain technology and its potential to revolutionize the financial industry. By establishing a clear regulatory framework, the EU aims to foster innovation while ensuring consumer protection and market stability 7.
Conclusion
The granting of a DASP license to SG Forge by the French financial regulator, AMF, marks a milestone in the blockchain industry. This achievement not only positions SG Forge as a leader in the market but also highlights the increasing acceptance and adoption of blockchain technology in the financial sector.
Furthermore, the EU’s MiCA rule exemplifies the global trend towards regulating the crypto sector to protect investors and promote market stability. With a clear regulatory framework in place, the blockchain industry can continue to innovate and drive economic growth while ensuring the safety and security of participants.
As blockchain technology continues to evolve, we can expect more financial institutions and regulators to embrace its potential, leading to further advancements and opportunities within the industry.
References
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Societe Generale’s crypto arm SG Forge receives full Digital Asset Service Provider (DASP) license↩︎
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Societe Generale’s crypto arm SG Forge receives full Digital Asset Service Provider (DASP) license↩︎
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Societe Generale’s crypto arm SG Forge receives full Digital Asset Service Provider (DASP) license↩︎
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Societe Generale’s crypto arm SG Forge receives full Digital Asset Service Provider (DASP) license↩︎
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Crypto providers in the EU must have obtained a full license by 2025↩︎
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Crypto providers in the EU must have obtained a full license by 2025↩︎
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Crypto providers in the EU must have obtained a full license by 2025↩︎