Bitpanda sets to partner with Societe Generale-FORGE, the blockchain arm of the banking conglomerate, to aid the widespread adoption of its euro-backed stablecoin, EUR CoinVertible (EURCV).
Societe Generale, a global banking conglomerate, has partnered with Bitpanda to establish crypto and stablecoins as a critical element of the global financial system.
Jean-Mark Stenger, CEO of Societe Generale-FORGE, believes the partnership is critical in integrating stablecoins into the broader financial system.
“This partnership is a crucial step towards achieving our vision of making stablecoins a core component of the global financial system. Together with Bitpanda, we are confident in our ability to offer European users a stable, secure, and accessible digital currency.”
The partnership coincides with implementing the Markets in Crypto-Assets (MiCA) bill, the first comprehensive regulatory framework for the crypto industry. Dec. 30 will mark the implementation of the framework that will affect crypto-asset service providers.
European crypto industry is dependent on stablecoins in the eurozone
According to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, the future of the European crypto industry will be contingent upon stablecoins based in the euro.
“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins are the bridge that will make it possible. We will work with Societe Generale-FORGE to bring that future one step closer.”
Stablecoins serve as the primary gateway between the realm of fiat currencies and the realm of digital assets. Investors must have access to regulated stablecoins to attract additional investment into cryptocurrencies.
Societe Generale’s new stablecoin will be MiCA-compliant and listed on the Bitpanda trading platform for European investors.
According to Wikipedia data, Societe Generale is the 19th largest banking group globally, with a total asset base of over $1.7 trillion as of 2023.
MiCA regulations are imminent
Kraken exchange, which acquired Coin Meester (BCM), the Netherlands’ oldest registered crypto broker firm, as part of its European expansion, is among the crypto firms preparing for the complete implementation of the MiCA bill.
According to compliance specialists, the upcoming MiCA bill has the potential to be a critical moment in the regulation of crypto assets, as it will establish the European Union as the first jurisdiction to have a comprehensive regulatory framework on digital assets.
Hedi Navazan, Crystal Intelligence’s director of compliance and regulatory affairs, stated that the technical complexity of MiCA’s full implementation, scheduled for December 2024, may result in potential delays.
According to Navazan, as reported by Cointelegraph:
“Technological complexity, cross-border jurisdictional nature of crypto assets complicates regulatory enforcement and necessitates strong international cooperation and information-sharing mechanisms.”
Crystal Intelligence has co-hosted seven roundtable discussions on the impending MiCA bill with public and private participants, notable crypto firms, and members of the European Commission, including Binance, Bitpanda, Kraken, and the European Commission.
