Societe Generale’s Crypto division is the first to obtain a full license from the French regulator

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A crypto firm owned by Societe Generale banking group has become the first entity in France to be licensed by the country’s financial regulator as a provider of digital assets.

The approval of SG Forge, an investment company that operates a digital asset platform, is the highest level of French regulatory certification currently possible for companies in the space.

The current crypto regulatory system run by the Autorité des Marchés Financiers (AMF) has two tiers: Crypto businesses are required to complete a basic registration with the regulator in order to offer their services, but they can also choose to go through a stricter process. to get a full license.

Although more than 80 companies are currently registered with the AMF, none had obtained a full license until approval by SG Forges on Tuesday.

According to a register on the AMF website, SG Force has been licensed as a digital asset service provider (DASP) to operate in four areas, including custody and trading.

With the approval of the DASP license, Societe Generale FORGE confirms its pioneering role in the ecosystem of crypto assets, Jean-Marc Stenger, CEO of SG Forges, said in a statement on Wednesday.

This step will allow us to continue to support our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.

French crypto regulations and MiCA

The French system has sparked debate over the past year, as some lawmakers try to bring local regulations in line with Europe-wide ones ahead of the implementation of EU rules.

Politicians approved a compromise in March that would allow companies already registered with the AMF to continue operating with only basic approvals, but new entrants to the market would have to get a full licence.

The obligations companies face in obtaining France’s enhanced form of authorization are similar to those that will be expected once the European Union’s Regulation on Crypto Asset Markets (MiCA) comes into force next year. next.

As part of the transition from national rules to European rules, the AMF said in April that it was examining a possible fast track for registered entities to bring them into compliance with the MiCA.

In its statement on Wednesday, SG Forge said that by becoming a full-fledged company, it anticipates the implementation of MiCA.

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