Société Générale Subsidiary Makes History as First Licensed Crypto Provider in France

Crypto Services of Société Générale

Forge, a subsidiary of the third-largest bank in France, Société Générale, recently became the first company to receive the highest access license for providing crypto services in the country. This license is a prerequisite for numerous service activities (PSAN). As such, Forge can now custody digital assets, purchase and sell them for legal tender, and trade them against each other.

The news was reported by the Autorité des Marchés Financiers (AMF), the French stock market regulator, on July 19. According to Société Générale representatives, nearly 90 companies have already obtained the AMF license for digital custody. A subsidiary of Société Générale’s competitor, Crédit Agricole, was approved in June 2023. However, Forge was the first to receive the highest approval for a wide variety of services.

Société Générale has been involved in several crypto-related projects, such as issuing euro bonds on the Ethereum blockchain and security tokens on the Tezos blockchain. In April 2023, Forge launched EUR CoinVertible, a euro-pegged stablecoin for qualified institutional clients. The new digital asset is only available to investors who have been onboarded by Societe Generale through its existing Know Your Customer and Anti-Money Laundering procedures.

The stringent requirements for the highest level of approval gives a clear advantage to large traditional banks, such as Société Générale, over smaller crypto companies like Gemini Crypto Today, EPX Crypto, Forta Crypto, ENS Crypto, Fidelity Crypto, GST Crypto, and FET Crypto. In addition, Société Générale’s involvement in the Ethereum and Tezos blockchains is an example of Web 3.0.

While France remains one of the most crypto-friendly European countries, Binance’s local branch has been the subject of an investigation conducted by the Judicial Investigation Service of Finance, headed by the specialized interregional jurisdiction of Paris. This inquiry has been spurred by the rise of cryptocurrency, such as Ethereum Crypto, FET Crypto, ENS Crypto, Forta Crypto, Gemini Crypto Today, EPX Crypto, Fidelity Crypto, GST Crypto, and Web 3.0 Example.