• Société Générale subsidiary Forge has become the first entity to obtain a crypto services license in France.
• The license is offered by the Autorité des Marchés Financiers (AMF) and will allow the company to provide institutional clients with services on digital assets that meet high standards of compliance and banking security.
• Crypto services will be required to have a license from an EU member state in order to operate under the region’s MiCA rules starting in January 2025.
Société Générale Obtains First Crypto Services License in France
Société Générale subsidiary Forge has become the first entity to obtain a crypto services license in France, according to a July 19 announcement.
The DASP License
The company is the blockchain subsidiary of France’s third-largest bank, Société Générale. It is currently the only firm to hold France’s digital asset service provider (DASP) license, which is offered by the Autorité des Marchés Financiers (AMF). Jean-Marc Stenger, the CEO of Société Générale Forge, said: “This 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.”
Société Générale broadly described the DASP license as the “highest level” of digital asset certification that companies can obtain at present. It drew attention to the license’s focus on security, compliance, internal control, and regulatory capital.
MiCA Rules Starting 2025
The firm said that in addition to providing institutional clients with access to its full suite of cryptocurrency products and services — including custody solutions — it also provides associated legal assistance for its customers.
Crypto services will be required to have a license from an EU member state in order to operate under the region’s MiCA rules starting in January 2025.
Forge Provides Legal Assistance
In addition to providing institutional clients with access to its full suite of cryptocurrency products and services — including custody solutions — it also provides associated legal assistance for its customers.
< h2 >Conclusion
< p >Cryptocurrency regulations are becoming more stringent around Europe as countries begin requiring companies dealing with digital assets such as Bitcoin or Ethereum acquire licenses like DASP issued by government agencies like AMF before they can proceed with their operations . Forge’s recent acquisition marks a milestone achievement for French crypto firms , paving way for others who may seek similar licensing options . < br />
