Societe Generale’s SG Forge Makes Historic Move as First French Bank to Obtain Crypto License

Lena Smith
Lena Smith Crypto
3 Min Read

The surge in adoption and usage of cryptocurrencies has caught wide the attention of institutional banks which led to an increasing number of banks offering crypto services to their customers . One such prominent bank is the French banking giant Societe Generale.

Societe Generale’s SG Forge Breaks New Ground

According to Coindesk’s report Societe Generale’s crypto division SG Forge has made its way to the history by becoming the first French company to receive a license from the country’s financial regulator. This license gives SG Forge the authority to provide crypto services in France . This event marks a significant milestone for the bank and the broader crypto industry in the country.

Pioneering Role in the Crypto Space

Societe Generale’s SG Forge stands out as the first bank to receive a crypto license from the AMF although several crypto platforms including the world’s largest crypto exchange Binance have registered with the Autorité des marchés financiers (AMF) before. As the crypto division of France’s third-largest bank by market value this achievement further solidifies Societe Generale’s pioneering role in the crypto space.

SG Forge’s Approved Services

The country’s Financial Markets Authority (AMF) released a statement in which it is announced that SG Forge will be authorized to offer a range of services related to digital assets. These services include trading, clearing and custody . This license will be effective from July 18 2023 and enable Societe Generale to provide comprehensive and regulated crypto services to its customers.

Societe Generale’s Continued Innovation

Societe Generale’s active involvement in the cryptocurrency space extends beyond gaining the crypto license.  In April the bank made it to the headlines with its announcement to launch an Ethereum (ETH) based stablecoin which is called “EUR CoinVertible” that is specifically designed for its institutional customers . This stablecoin is secured to the euro and it aims to meet the expectations of institutional investors who are in the search for a digital asset that offers stability and reliable value.

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I’m a freelance writer and journalist from Toronto, covering real estate, mortgage and personal finance for publications like Forbes, Money, Business Insider, Fortune, US News & World Report, The Motley Fool, CBS News, Hearst newspapers, The Balance, HousingWire, Money Under 30, Bankrate, Builder Magazine, Multifamily Executive, The Simple Dollar, and more.
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