The French financial services giant Societe Generale has
been awarded a license to offer cryptocurrency services in France, becoming the
first company to receive such 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.
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.
Amid a rising adoption of cryptocurrencies and the recent volatility witnessed in the sector, France is planning to fully adopt the relevant regulations. 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.
The 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
