{"id":37944,"date":"2023-07-19T22:35:20","date_gmt":"2023-07-20T02:35:20","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/financial-services-giant-societe-generale-secures-first-french-crypto-license-for-its-crypto-division\/"},"modified":"2023-07-19T22:35:21","modified_gmt":"2023-07-20T02:35:21","slug":"financial-services-giant-societe-generale-secures-first-french-crypto-license-for-its-crypto-division","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37944","title":{"rendered":"Financial Services Giant Societe Generale Secures First French Crypto License For Its Crypto Division"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">French banking giant Societe Generale\u2019s crypto arm has received a full Digital Asset Service Provider (DASP) license from the country\u2019s financial regulator Autorit\u00e9 des March\u00e9s Financiers (AMF).<\/p>\n<p style=\"text-align:justify;\">SG Forge, the bank\u2019s digital asset division, has become the first entity to obtain a crypto permit in the country, allowing it to offer services including crypto custody, trading and sales as of July 18, according to an update on AMF\u2019s website.<\/p>\n<p style=\"text-align:justify;\">Although crypto exchanges like Binance, Voyager and Bitstamp have registered with the French financial watchdog, SG Forge has so far been the first and only company to receive a DASP license.<\/p>\n<p style=\"text-align:justify;\">This is because AMF clearly differentiates between registration and licensing of digital asset service providers in France. In order to obtain a license, \u201cyou must comply with certain requirements in terms of organization, financial resources and business conduct,\u201d the regulator noted.<\/p>\n<p style=\"text-align:justify;\">This suggests that licensing demonstrates more significant compliance with AMF\u2019s regulatory requirements, than registration. The DASP license is the \u201chighest level of regulatory certification currently possible\u201d for crypto-related activities, the company press release said.<\/p>\n<p style=\"text-align:justify;\">The license acquisition would help develop Euro CoinVertible (EURCV), the first institutional stablecoin deployed on the Ethereum public blockchain by SG Forge.<\/p>\n<p style=\"text-align:justify;\">\u201cThis 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,\u201d Jean-Marc Stenger, CEO of SG Forge, said.<\/p>\n<h2 style=\"text-align:justify;\">European Union\u2019s MiCA Rule<\/h2>\n<p style=\"text-align:justify;\">The Markets in Cryptoassets (MiCA), the EU\u2019s comprehensive package of rules to regulate the nascent crypto sector, was\u00a0adopted\u00a0by the European Council on May 16.<\/p>\n<p style=\"text-align:justify;\">The rule was later signed into law of the new and comprehensive regulatory framework for crypto on May 31, alongside a separate law that aims to prevent crypto from being used for money laundering purposes.<\/p>\n<p style=\"text-align:justify;\">After the EU passed its own MiCA rules, all crypto providers will be required to have obtained a full license from a member state in order to operate in the bloc by January 2025.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/financial-services-giant-societe-generale-secures-first-french-crypto-license-for-its-crypto-division.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>French banking giant Societe Generale\u2019s crypto arm has received a full Digital Asset Service Provider (DASP) license from the country\u2019s financial regulator Autorit\u00e9 des March\u00e9s Financiers (AMF). SG Forge, the bank\u2019s digital asset division, has become the first entity to obtain a crypto permit in the country, allowing it to offer services including crypto custody, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":37844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-37944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Services Giant Societe Generale Secures First French Crypto License For Its Crypto Division | iFintechWorld<\/title>\n<meta name=\"description\" content=\"French banking giant Societe Generale\u2019s crypto arm has received a full Digital Asset Service Provider (DASP) license from the country\u2019s financial\" 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