On July 19, it was announced that Société Générale’s subsidiary, Forge, has become the first entity to receive a crypto services license in France.
The company is Société Générale’s blockchain subsidiary, and it has obtained France’s digital asset service provider (DASP) license, offered by the Autorité des Marchés Financiers (AMF). As of now, it is the only firm to hold this license in the country.
Jean-Marc Stenger, the CEO of Société Générale Forge, stated that obtaining the license enables them to support institutional clients seeking digital asset services with top-tier compliance and banking security standards.
Société Générale regards the DASP license as the pinnacle of digital asset certification currently available. The license emphasizes security, compliance, internal control, and regulatory capital, making it a highly sought-after certification for companies in this field.
Société Générale stated that obtaining the DASP license will not only meet the demands of institutional clients but also aid in the development of its Euro CoinVertible (EURCV) stablecoin. The stablecoin was launched on Ethereum in April but faced controversy due to apparent flaws in its code, highlighted by independent developers.
Société Générale Forge acknowledged that the DASP license will assist in its compliance with Europe’s upcoming MiCA regulations. According to Bloomberg, starting in January 2025, crypto services within the EU will be mandated to hold a license from an EU member state to operate under MiCA rules.
DASP License Requires Registration
Société Générale Forge revealed that it obtained its DASP registration status in September 2022 before acquiring its current DASP license.
The DASP registration was deemed a “mandatory step” by Société Générale Forge, enabling the firm to engage in various activities. With the registration, the company can now offer digital asset custody, conduct purchases and sales of digital assets for legal tender, and engage in digital asset trading.
Société Générale Forge is the sole company to acquire a French DASP license. However, 90 other firms have obtained France’s lesser DASP registration. Notable companies among them are Binance France, Etoro, Crypto.com (as Foris), and Bitpanda.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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