France Approves Third Biggest Bank to Operate Virtual Asset Services

France Approves Third Biggest Bank to Operate Virtual Asset Services

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Through its subsidiary Forge, France’s third biggest bank Société Générale has been licensed to provide virtual asset services to its customers in France.

Société Générale was founded in 1864, as of 2020, it has assets worth nearly €2.2 billion, last month, it quietly obtained approval from France regulators to operate as a digital asset service provider, Société Générale is also the sixth largest player in Europe in terms of its balance sheets.

Through its subsidiary Forge, Société Générale will henceforth custody, sell, and trade virtual assets, thanks to virtual asset service provider (DASP) ruling from the Autorité des Marchés Financiers (AMF), the French financial market regulator.

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France Crypto Relationship 

France’s crypto relationship of recent has been friendly, and due to the friendly environment the country has been providing for crypto-related firms, more crypto firms are expanding to France.

This year alone, quite a lot of crypto firms have announced their expansion to France, among these firms are Binance and Luno, and

In April, CZ’s Binance confirmed a $97 million investment in France, calling France “uniquely positioned to be the leader of this industry in Europe.”

Also some days ago, the Singapore-based cryptocurrency exchange announced Paris as its European regional headquarters.

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