Societe Generale Obtains the First Crypto License in France

Societe Generale Obtains the First Crypto License in France

The French financial services giant, Societe Generale has
been awarded a license to offer cryptocurrency services in France, becoming the
first company to receive this licence of approval in the country.

The license was granted
to SG Forge, the digital asset division of the Paris-headquartered company, by
the French financial services regulator, Autorité des Marchés Financiers
(AMF). It allows the company to facilitate the buying, selling, exchange, and
custody of digital assets beginning July 18.

Crypto Firms Seek
Registration in France

Although several
cryptocurrency exchanges, including Binance, the largest exchange by trading
volume, are registered with the AMF, Societe Generale is the first company to be
licensed by the authority. The financial institution is ranked the third largest bank
by market capitalization in France.

In April, the AMF announced that it was preparing to adopt the Markets in Crypto Assets (MiCA) regulations, which were passed by the EU early this year. Thus, with the rising adoption of cryptocurrencies and the recent volatility witnessed in the sector, France is planning to fully adopt these and other relevant regulations for the region.

MiCA was adopted by
the Council of the European Union in May and is considered one of the most
comprehensive regulations governing cryptocurrencies. It aims to protect
investors trading cryptocurrencies, promote environmental sustainability, and
prevent money laundering in the sector.

MiCA Regulations

Following the adoption
of the MiCA regulations by the French parliament, the companies offering digital
services in France are required to register with the AMF. However, firms
seeking full licensing must submit their application in a process involving
more stringent disclosure requirements.

In June, the French
regulators launched
an investigation against
Binance for alleged illegal offering of digital services and money laundering
claims, Bloomberg reported. In addition, the digital asset exchange faces
allegations of conducting cryptocurrency promotions in France before it was
registered by the AMF.

The investigations add
to a series of regulatory pressure facing the exchange, including a lawsuit by the Securities and Exchange Commission
(SEC). The situation is not unique to Binance as other major cryptocurrency
exchanges, including Coinbase and Kraken, have been investigated by regulators
in the past.

This article was written by Jared Kirui at www.financemagnates.com.

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