- Societe Generale’s digital asset branch is the only firm with a full licence from the AMF
SG Forge, French banking giant Societe Generale’s digital asset subsidiary, is the first to gain a full, regulatory licence from the national regulator.
The license allows the bank’s crypto division to trade “digital assets against other digital assets,” as well as receive and transmit “third-party orders.”
This comes on top of its already-approved activities of custody, and trading digital assets.
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An update on the French financial markets regulator, the AMF, shows the license was issued on 18 July.
“This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.” said Jean-Marc Stenger, SG Forge CEO, said in a statement.
The AMF has allowed the crypto companies in France or those offering their services to its population to operate through registration. SG Forge gained its registration in September 2022.
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However, the license from the AMF remained optional, and also, near impossible to attain.
Standards include robust IT systems, management for conflict of interests, a minimum pot of funds or liability insurance. A licensed crypto firm would also need to sign contracts with their clients.
Societe Generale has had a keen interest in crypto.
In April, it introduced a euro stablecoin. In January, it loaned $30 million from DeFi protocol MakerDAO.