Societe Generale Scores France’s DASP License, Becomes First Entity

• Societe Generale’s crypto arm, SG Forge, has become the first entity to receive a Digital Asset Service Provider (DASP) license from France’s Financial Markets Authority.
• The DASP license allows SG Forge to serve French customers as a custodian for digital assets, enable the buying and selling of them using legal tender, trade them for other digital assets, and handle third-party orders.
• The approval is an important milestone for SG Forge in order to meet the demands from institutional clients for digital assets.

SG Forge Becomes First Entity to Score France’s DASP License

Societe Generale’s crypto arm – SG Forge – announced acquiring a regulatory license approval as Digital Asset Service Provider from the French Financial Markets Authority (AMF). With it, SG Forge has become the first company to receive a license from France’s financial regulator as a digital asset provider.

What Does This Mean?

The DASP license represents the highest level of regulatory certification currently possible for digital asset activities. It allows SG Forge to serve French customers as a custodian for digital assets, enable the buying and selling of them using legal tender, trade them for other digital assets, and handle third-party orders.

Why Is This Important?

Over 80 entities are currently registered with the AMF but none of them have managed to score a full license until now which makes this achievement significant. Moreover, this development comes three months after SG Forge launched a stablecoin pegged to euro on Ethereum called ‘EUR CoinVertible’ making it even more noteworthy .

A Statement From Jean-Marc Stenger

In a statement , Jean-Marc Stenger , Chief Executive Officer of SocGen’s Forge said that “the approval by major EU national regulator is huge milestone for SGForge especially for development of its recently deployed Euro CoinVertible ( EURCV ) . SocGen said that move is also crucial its plans meeting demands institutional clients digital assets . ”

Conclusion

SGForge receiving this license is an important step forward in terms of regulations around cryptocurrency allowing more institutions individuals access these services . In addition , achieving such an esteemed recognition further strengthens company’s position within industry .

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