Earlier this year, France authorized Binance to operate in its territory as a crypto service provider. Binance then became the first major crypto platform to receive approval from French financial regulators. Several players in the sector followed suit. But Paris, which aims to build a pole for industry, does not intend to stop there.
In Europe, France leads the dance!
The French regulator of the financial markets (AMF), has authorized SG Forge bank to provide services related to cryptos. Among the new assignments are crypto custodial services. SG Forge clients can also buy and sell legal tender digital assets. But the bank has not yet applied to operate as a trading platform.
As a reminder, SG Forge is a subsidiary of Societe Generale and one of the oldest banking institutions in France. It is the largest department of the Societe Generale Group in terms of digital assets. SG Forge is one of the first entities to use the public blockchain for tokens regulated security. In addition to issuing a bond for Societe Generale on Ethereum, the European Investment Bank also issued a €100 million bond through its platform. It has also participated in the Central Bank Digital Currency (CBDC) trials with the Banque de France. This, alongside ConsenSys and Tezos.
It thus completes a list of companies that have received approval to operate as providers of crypto services in France. These include Binance, Crypto.com, eToro and Luno, a subsidiary of Digital Currency Group.
The French authorities explained that these platforms have been subject to rigorous scrutiny. This concerned in particular the questions of fight against the money laundering and the financing of terrorism, before receiving the approval. The move confirms the ambition of the French authorities to build a hub for the crypto industry.
In Europe, France plays a key role in granting operating licenses to crypto companies. After allowing giants like Binance to operate in the country, she approves SG Forge’s request to join this list.
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