Société Générale has been able to secure a regulatory approval from the Autorité des Marchés Financiers, or the Financial Markets Authority, which gave go-ahead to the bank’s cryptocurrency subsidiary, SG Forge.
The company is now a licensed entity and able to operate in France, which is quickly shaping up as a new crypto hub in Europe after both Crypto.com and Binance.com got regulatory approvals to set up shop in the country.
SG Forge’s registration and license allows it to operate in areas such as custody, sale, purchase, and exchange of digital assets.
This is strong coverage of existing cryptocurrency markets, making the licensing agreement important.
Société Générale is also the third-largest lender by market cap in France, which is another strong signal that cryptocurrencies are increasingly being taken seriously by mainstream financial institutions.
SG Forge recently revealed a partnership with Metaco, a custody specialist based in Switzerland. The partnership focuses on security tokens.
SG Forge is a long-standing entity in the crypto space in Europe. It was behind the €100m digital bonds issued by the European Investment Bank back in 2021.
SG Forge also joins a number of companies in France, including Bitpanda, all of which are trying to secure a good start in what is shaping up to be as the next crypto hub in Europe.
Both Binance and Crypto.com, for example, have made consistent investments in France showing a desire to remain present in the market in the long-term.
France’s leading financial institutions continue to adopt cryptocurrencies and pivot towards these new forms of finance.
Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.