Société Générale in France receives approval as digital asset services provider
Société Générale bank in France receives approval to run digital asset services provider?through its affiliate crypto division Forge.?It is now permitted to custody, sell and trade digital assets following the ruling by the French regulatory authority.
The French financial regulator, the Autorité des marchés financiers (AMF), has finally gave authorization to the massive French bank Societe Generale-Forge, Societe General Group's subsidiary for digital assets (AMF) for operating as Digital asset services provider (DASPs). The business is now permitted to provide digital asset custody services, buy and sell digital assets in France as legal cash, and trade digital assets for other digital assets.
Using Societe Generale-Forge, issuers and investors can issue, invest, and manage digital-native security tokens registered on public blockchains. The company's website explains stating Societe Generale is now offering a range of capital market products to institutional clients in native security token formats on Ethereum and Tezos with full banking level safety and regulatory compliance.
A fully digital issuance and lifecycle process can be achieved with security tokens, the bank explained, adding due to their innovative characteristics, they can dramatically boost efficiency, speed, and transparency in financial markets as well as make transactions safer and more resilient while offering benefits similar to those offered by conventional financial instruments.
According to the AMF, French venture capital firms wanting to custody token investments may be able to use the services of a well-known bank.
This comes after earlier efforts taken by the bank to enter the digital asset market. The AMF's list of authorized Digital Asset Service Providers shows that Societe Generale-Forge registered on September 27. Societe Generale Securities Services (SGSS) said last month that it has started providing new securities services that would provide additional custodial services to asset management firms looking to create cutting-edge professional funds based on cryptocurrency. Forge, Société Générale's digital asset platform, and Metaco, a custody provider for cryptocurrencies, formed a cooperation in June to expand Forge's capabilities.
About Societe Generale
Societe Generale is founded in 1864 and has assets totaling more than €1.4 billion as of 2020. By total assets, Societe Generale is the third-largest bank in France and also in Europe it is the sixth-largest player in terms of its balance sheets.
CBW - External Analyst