Société Générale's Forge Receives Top-Tier Crypto Service License in France

Société Générale's Forge has become the pioneer in the French crypto market, receiving the highest level of regulatory licensing.

The authorization enables Forge to have complete custody of digital assets and carry out their purchase, sale, and trading activities.

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Forge's accomplishment was made public on July 19th by the French stock market regulator, the Autorité des Marchés Financiers (AMF). In the words of Société Générale officials:

Accreditation represents the highest level of regulatory certification currently possible for digital asset transactions.

Approximately 90 firms are currently listed as licensed providers by the AMF. A noteworthy instance is the approval for digital custody obtained by Société Générale's rival, Crédit Agricole’s subsidiary, in June 2023.

However, Forge stands as the first entity to be awarded the highest level of approval from the regulator for multiple crypto-related services. Observers, such as French radio station Business FM, pointed out that the rigorous criteria imposed by French regulators favor established banks over emerging crypto enterprises.

Société Générale has shown significant interest in the crypto realm, having issued bonds denominated in euros on the Ethereum blockchain and security tokens on the Tezos blockchain. The bank also offered DAI loans in return for bond tokens.

It is worth noting that in April 2023, Forge unveiled EUR CoinVertible, a euro-pegged stablecoin for select institutional clients.

Despite France's status as one of the most crypto-friendly nations in Europe, the crypto exchange Binance French division is currently under preliminary investigation by the Judicial Investigation Service of Finance, directed by the specialized interregional jurisdiction of Paris.