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The news of Societe Generale receiving the go-ahead as a crypto asset services provider in France came after the institution’s previous attempts into the market.
With the increasing acceptance of crypto assets, France has given Societe Generale the regulatory approval to operate digital assets services. Since its inception in 1864, Societe Generale has grown to become the third-largest bank in France, with assets worth over €1.4 billion as of 2020. The financial institution is the sixth largest in Europe based on its balance sheets and operates in 66 countries globally.
Societe Generale Gets Approval as Digital Assets Provider in France
According to reports, Societe Generale quietly received the green light to operate as a digital asset service provider in France in September. The bank can now begin holding, selling, and trading digital assets through its fully integrated blockchain-focused subsidiary Societe Generale Forge. This comes after a decision by the French financial market regulator, the Autorite des Marches Financiers (AMF), on digital asset service providers (DASP).
Before now, French venture capitalists faced the challenges of finding regulated custodial solutions for digital assets. Fortunately, the new AMF ruling gives a sign of hope as these investors now have Societe Generale as a go-to on their digital asset matters. France’s crypto situation is not different from what many countries face with strict regulations. At the same time, many firms are seeking to get regulatory approval to offer digital assets services, just like Societe Generale.
Societe Generale’s Recent Moves into Digital Asset Space
The news of Societe Generale receiving the go-ahead as a crypto asset services provider in France came after the institution’s previous attempts into the market. Last month, the bank announced that its securities services would add new custodial services. It said that the new service would be available to firms and asset managers with interests in Web3 and blockchain. Separately, the financial institution announced a collaboration with Metaco in June to expand its institutional digital asset capabilities. Metaco said in a press release that the agreement would help Societe Generale further into the digital assets space.
Societe Generale – FORGE CEO Jean-Marc Stenger said:
“Bridging the digital asset industry and traditional finance requires a multifaceted approach incorporating institutional-grade technology, regulation, as well as industrial capabilities. By partnering with METACO, SG- FORCE will be able to leverage their secure infrastructure to ensure that we have a solid foundation to grow our asset market activities.”
The bank’s co-head of global market activities, Alexandre Fleury, also expressed confidence in the institution’s ability to integrate innovative technology.
