Socit Gnrales Crypto Division Lands Regulatory Approval in France

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According to records held by the French financial regulator l’Autorit des Marchs Financiers (AMF), the banks crypto subsidiary SG Forge was registered at the end of September for three activities related to trading cryptocurrencies.

Providers must register with the AMF in France before they can offer services such as custody of crypto or operating a trading platform.

SG Forges registration covers the custody, purchase, sale, and exchange of digital assets. It has yet to register for operating a trading platform.

Socit Gnrale, which is Frances third-largest lender by market cap, had not responded to a request for comment from Decrypt at the time of publication.

SG Forge began in 2018 as one of 60 internal startups created within Socit Gnrale. It has since taken the lead on the banks blockchain projects, partnering with both Tezos and ConsenSys for its experiments with creating a French central bank digital currency (CBDC).

More recently, SG Forge announced a partnership with Swiss custody specialist Metaco to focus on growing its security tokens offering. SG Forge was an architect of the European Investment Banks 100 million ($97.5 million) digital bond issued in 2021.

Pro-crypto France

By adding its name to the list of digital asset providers in France, SG Forge joins the likes of Binance, Bitpanda, and Crypto.com.

Industry figures have praised Frances pro-crypto approach, which has seen Paris become a hub for blockchain businesses in Europe. Both Binance and Crypto.com have invested heavily in the capital.

Socit Gnrale, which is over 150 years old, is not the only traditional French bank to be involved in the sector.

In July, the countrys largest banking group BNP Paribas also announced its own partnership with Metaco to integrate the latters Harmonize platform into its own infrastructure.

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