French bank subsidiary SG Forge obtains France's first DASP license for digital asset service providers.

French bank Societe Generale's subsidiary SG Forge, responsible for cryptocurrencies, has become the first digital asset service provider (DASP) to be licensed by the French financial regulator AMF. The license allows for the purchase, sale, exchange, and custody of digital assets, and became effective on July 18th.

First Company to Obtain French DASP License

Since 2020, dozens of cryptocurrency companies, including the world's largest cryptocurrency exchange Binance, have registered with the AMF. However, SG Forge, a subsidiary of Societe Generale, the third-largest market value bank in France, is the first company to obtain the license.

Companies in France that provide cryptocurrency custody, exchange, or trading services must register with their regulatory authority, the Autorité des marchés financiers (AMF). For services related to digital asset custody and the purchase or sale of digital assets with legal tender, they must also undergo scrutiny by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to ensure compliance with anti-money laundering and counter-terrorist financing (AML/CFT) regulations. These regulations apply to DASPs established in France as well as overseas.

Current Service of Institutional Clients

In a press release by SG Forge, they stated that the approval of the DASP license represents the highest level of regulatory certification that digital asset activities can currently achieve. It demonstrates a comprehensive level of compliance, internal controls, network security processes and system reliability, as well as maintaining adequate regulatory capital.

CEO of SG Forge, Jean-Marc Stenger, stated:

With the approval of the DASP license, we are able to continue supporting institutional clients who wish to benefit from digital asset services that comply with the highest standards of compliance and banking security.

Furthermore, this also contributes to their issuance of the Euro stablecoin EUR CoinVertible EURCV on the Ethereum network.