Societe Generale’s cryptocurrency arm, SG Forge, has made history by becoming the first entity to be granted a license for offering crypto services in France, as per the country’s financial regulator.
The license, effective from July 18, authorizes SG Forge to facilitate the purchase, sale, exchange, and custody of digital assets, as stated on the Autorité des Marchés Financiers (AMF)’s website.
While numerous crypto businesses, including the globally renowned cryptocurrency exchange Binance, are registered with the AMF, SG Forge, a division of France’s third-largest bank by market capitalization, is the pioneer in obtaining a license.
Registration is a prerequisite for companies intending to offer services related to crypto custody, exchange, or trading in France. However, a license signifies a higher level of compliance with regulatory standards compared to registration.
To qualify for a license, a company must be based in France and meet specific criteria concerning organization, financial resources, and business conduct, as per the AMF. Consequently, a license should reflect a more substantial degree of adherence to regulatory requirements than registration does.
