The first French crypto license was granted to the Societe Generale Crypto branch

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Societe Generale's SG Forge division has received its first crypto license from the Autorité des Marchés Financiers, allowing them to run full crypto operations in France.

SG Forge, now fully authorized by the AMF as a Digital Asset Service Provider (DASP), can offer services including buying, selling and exchanging digital assets and custody services. The new license separates SG Forge from a number of crypto firms operating in France, including Binance, the world's largest cryptocurrency exchange, which are registered but not licensed.

Jean-Marc Stenger, CEO of SG Forge, stated in a press release on July 19 that this is the first step in “a pioneering role in the ecosystem of crypto assets” DASP is a license that is difficult to obtain in France. Demonstrates comprehensive security and compliance assurance, internal control and cybersecurity processes and systems.

Granting this license to Societe Generale SG Forge is not an easy task, as the French market is loaded with crypto licenses that “currently represent the highest level of regulatory approval for digital asset transactions.

While firms are required to be registered to operate in the French crypto sector, licensing requires meeting a higher level of regulatory requirements. To qualify as a DASP, companies must meet a number of “certain requirements in terms of organization, financial resources and business conduct.” Moreover:

“The application can be submitted when all parts of the licensing application are ready and all necessary details and forms have been completed. Your application must contain a detailed description of the digital asset services for which you wish to be licensed.”

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