Share this article
Société Générale’s SG Forge division earns the first-ever crypto license from the Autorité des Marchés Financiers, allowing them to conduct a full range of crypto operations in France.
SG Forge, now fully authorized by the AMF as a digital asset service provider (DASP), can provide services including the buying, selling and exchanging of digital assets and custody services. The new license distinguishes SG Forge from numerous other crypto firms operating in France, including Binance, the world’s largest cryptocurrency exchange, which are registered but do not hold a license.
Jean-Marc Stenger, the CEO of SG Forge, stated that this is the first step in “pioneering role in the crypto assets ecosystem” in a press release on July 19 The DASP is a difficult license to obtain in France, as it “it demonstrates a comprehensive level of security and reliability of compliance, internal control and cybersecurity processes and systems.”
Granting this license to Société Générale’s SG Forge is no easy task, as the French market has been bearish on crypto licenses because it “represents the highest level of regulatory certification currently possible for digital asset transactions.”
While registration is required for firms to operate in the French crypto sector, licensure necessitates a higher level of compliance with regulatory demands. To qualify as a DASP, companies much “comply with certain requirements in terms of organisation, financial resources and business conduct.” Moreover:
“The application may be submitted when all parts of the licensing application are ready and all the required annexes and forms have been filled in. Your application should contain a detailed narrative description of the digital-asset services for which you want to obtain licensing.”
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Be the first to comment