French regulators have granted Société Générale subsidiary, Forge, the first-ever cryptocurrency license, according to an official publication issued by Autorité des Marchés Financiers (AMF) on July 19. The license enables Forge to provide various services to French users, including custodial digital assets and facilitating the buying and selling of digital assets.
The approval of Forge’s license has garnered significant attention from local news agencies, with a spokesperson from Société Générale stating that it represents the highest certification that the AMF can offer in digital asset transactions. The spokesperson commended Forge for its efforts in the provision of digital assets.
Interestingly, Forge’s approval comes just after the AMF granted Crédit Agricole, Société Générale’s main rival, its final permit to provide custodial services. This move has sparked an increase in the number of companies seeking to enter the French crypto markets, with over 90 firms currently seeking digital asset service provider licenses from the AMF.
The approval of Forge’s license puts the company at a significant advantage over early startups in the crypto sector, as the market regulators have adopted strict guidelines when issuing the highest license approval. This positions Forge as a frontrunner in the French crypto market and highlights its dedication to meeting compliance, financial, and business conduct requirements.
In addition to obtaining the license, Forge’s parent company has been actively exploring the crypto sector. In April, Société Générale leveraged the platform to issue 100 euro bonds and security tokens. Furthermore, the investment company plans to introduce DAI-powered products that can be exchanged for bond tokens.
Meanwhile, Forge has taken steps to position itself as a leading player in the crypto industry by launching the EUR CoinVertible, a stablecoin backed by the Euro currency. This product is exclusively available to institutional investors registered by Société Générale, who must undergo the company’s Know Your Customer (KYC) and Anti-money laundering procedures.
The CEO of Forge, Jean-Marc Stenger, emphasized the significance of the EUR CoinVertible’s launch in exploring the crypto sector. He expressed that the approval of the license further showcases Forge’s pioneering role in improving the industry and demonstrates the company’s compliance with regulatory requirements set by the AMF.
Overall, the approval of Société Générale’s subsidiary, Forge, as the first company to receive the highest level of crypto license from French regulators is a significant milestone. It solidifies Forge’s position in the competitive crypto market and highlights its commitment to compliance, innovation, and growth in the industry.