As of Sept. 27, the French banking giant’s crypto subsidiary is approved to buy, sell, trade, and store digital assets.
France’s Autorité des Marchés Financiers (AMF) has given SG Forge, which is part of Societe Generale, permission to offer custody and trading services for cryptocurrencies.
AMF’s website says that the French banking giant’s crypto subsidiary is registered to buy, sell, trade, and store digital assets as of September 27.
In the past few months, a number of crypto companies, such as Binance, Crypto.com, and Luno, have been approved as digital asset service providers in France.
The fact that a subsidiary of one of France’s biggest banks got regulatory approval shows that digital assets are getting closer to being accepted by the general public there.
About Societe Generale’s Forge
Societe Generale was one of the first companies to use Digital Ledger Technology. Innovation is at the center of the group’s strategic goals. Societe Generale and its subsidiary SG-FORGE have set up a number of native security token issuances on blockchain for their clients since 2019. One example is the €100 million digital bond issued by the European Investment Bank (EIB) in 2021.
Societe Generale is now offering a variety of capital market products to institutional clients in the form of native security tokens on Ethereum and Tezos. These tokens are as safe as banking products and follow all regulations.
The partnership lets SG-FORGE continue to set the agenda for how security tokens can be used in traditional finance. It also lets SG-FORGE use METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, to grow its services at a large scale.
These changes are part of a bigger picture that is marked by the speeding up of the digitalization of markets using blockchain technology, especially with the upcoming implementation of the EU Pilot Regime, which will make it possible to process security tokens through market infrastructures in a way that is in line with EU rules.
