On September 27, the Financial Markets Authority (AMF) approved the French bank Société Générale as a digital asset service provider (DASP). Société Générale joined international operators such as Voyager, Bitpanda, Binance, and Etoro as registered DASPs. The bank did not announce its approval.
Société Générale’s digitally focused subsidiary Forge signed up to offer custody of digital assets, purchase/sale of legal tender digital assets, and trading of digital assets against other digital assets. The French bank announced in June that it was partnering with Metaco, a digital asset management and infrastructure provider, to develop its digital asset custody operations.
Registration is mandatory for companies to carry out these activities in France. The AMF also provides for the granting of licenses to DASPs, although none have yet obtained a license.
The Global Award goes to @platformsh! Congratulations to the team on their hard work that allowed them to expand internationally! pic.twitter.com/ryTSu21l9h
— Societe Generale Group (@SocieteGenerale) September 28, 2022
Several companies received approval from the AMF on September 27, andAmong them, apparently, Crypto.comwhich announced its intentions to establish its European headquarters in Paris on October 12.
Société Générale, founded in 1864, is the third largest bank in France and the sixth largest in Europe by assets. On September 21, it had announced new custody services to act as fund custodian, valuer and liability manager for institutional investors’ asset managers through its Société Générale Securities Services.
Société Générale has been developing its digital asset for some time. Structured the €100 million digital bond from the European Investment Bank issued in April 2021 and offered its first tokenized asset, a security token issued on the Tezos blockchain the same month.
The AMF shares the tasks of regulating cryptocurrencies with the Autorité de Contrôle Prudentiel et de Résolution. Confusion over AMF policies led to the removal of crypto-related advertising from the French Grand Prix car race in July.
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