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Forge

<p><strong>Forge, a subsidiary of Société Générale, acquired the highest access license for providing crypto services in the country.</strong></p> 
<h2 style="text-align: center;" id="license-for-providing-crypto-services">License For Providing Crypto Services</h2> 
<p>In a <a href="https://www.amf-france.org/en/professionals/fintech/my-relations-amf/obtain-dasp-authorisation" target="_blank" rel="noopener noreferrer nofollow">significant development</a>, Forge, a subsidiary of Société Générale, the third-largest bank in France, has obtained the highest access license for providing crypto services in the country. This license, known as the prerequisite for numerous service activities (PSAN), allows Forge to custody digital assets, purchase and sell them for legal tender, and trade them against each other.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">BREAKING: 🇫🇷 France’s third largest bank Societe Generale officially approved to offer <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoin</a> custody and trading to clients 🙌</p> 
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1681644983999143937?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 19, 2023</a></p> 
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="forge-s-achievement">Forge’s Achievement</h2> 
<p>Forge’s achievement of becoming the first fully-licensed crypto provider in France was highlighted in the register update of the French stock market regulator, Autorité des Marchés Financiers (AMF), on July 19. Société Générale representatives expressed their satisfaction, stating that this accreditation represents the highest level of regulatory certification currently possible for digital asset transactions.</p> 
<h2 style="text-align: center;" id="comparison-with-competitors">Comparison with Competitors</h2> 
<p>While around 90 companies are already on the AMF list of licensed providers, Forge stands out as the first to receive the highest approval for numerous services from the regulator. This stringent level of approval requirements places larger traditional banks, like Société Générale, at an advantage over smaller crypto companies, as noted by French radio station Business FM.</p> 
<h2 style="text-align: center;" id="soci-t-g-n-rale-s-involvement-in-the-crypto-sector">Société Générale’s Involvement in the Crypto Sector</h2> 
<p>Société Générale has been actively engaged in the crypto sector, demonstrating its commitment to exploring and embracing innovative technologies. The bank has issued euro bonds on the Ethereum blockchain and security tokens on the Tezos blockchain. Additionally, it has proposed Dai stablecoin loans in exchange for bond tokens. In April 2023, Forge launched EUR CoinVertible, a euro-pegged stablecoin exclusively available to qualified institutional clients who have completed the necessary Know Your Customer and Anti-Money Laundering procedures.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">SocGen’s blockchain unit receives the first license issued under France’s new crypto rules, ramping up the investment bank’s expansion into digital assets <a href="https://t.co/t0pPgWKkFP" rel="noopener noreferrer nofollow">https://t.co/t0pPgWKkFP</a></p> 
 <p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1681634337677090816?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 19, 2023</a></p> 
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="crypto-environment-in-france">Crypto Environment in France</h2> 
<p>France is known for being one of the friendliest European jurisdictions towards cryptocurrencies. However, even in this favorable environment, <a href="https://walletinvestor.com/magazinadmin/binance-faces-money-laundering-investigation-in-france/" target="_blank" rel="noopener noreferrer nofollow">the local branch of Binance</a>, the world’s largest exchange, has come under preliminary investigation by the Judicial Investigation Service of Finance. This investigation is being conducted under the direction of the specialized interregional jurisdiction of Paris.</p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>With Forge’s groundbreaking achievement, Société Générale has secured the first crypto license in France, solidifying its position as a pioneer in embracing digital assets. This move reflects the growing trend of mainstream financial companies worldwide embracing cryptocurrencies, which have experienced a significant rally in 2023, driven by the interest of major U.S. financial firms like BlackRock and Fidelity.</p>

Société Générale Subsidiary Becomes First Fully-Licensed Crypto Provider in France

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