French Bank SocGen Obtains Regulatory Approval to Offer Crypto Assets Services

A breaking report released Sunday, Société Générale, a major bank in France, quietly received regulatory approval to operate as a digital asset service provider in the country last month.

The French bank was granted a digital asset service provider (DASP) license by the Autorité des Marchés Financiers (AMF), the French financial market regulator, allowing it to offer crypto services across the nation.

Societe Generale Forge is a fully integrated subsidiary that focuses on blockchain. It obtained authorization last month to allow the banking giant to offer cryptocurrency services to customers. This move follows an increase in banks being approved to offer digital asset services to residents of the jurisdiction.

French Bank BNP Paribas, (BNP) joined the crypto custody space in July via a partnership agreement with Metaco, a Swiss digital asset safekeeping company. In April, the French Banque Delubac & Cie, became The first company to be granted the Digital Asset Service Provider status, which allows it to offer regulated cryptocurrency services in partnership with Taurus, the Swiss crypto infrastructure provider.

The Binance crypto exchange received a Digital Asset Service Provider registration in May 2022, marking a significant step towards cryptocurrency regulation. This registration allowed Binance’s crypto exchange to be operated in France.

France became the first European country to grant regulatory approval for a crypto exchange. The bold move secured France’s crypto exchange status and started attracting more crypto firms to operate in the country.

Crypto.com, following Binance’s lead, launched its French presence this month after it received regulatory approval that allowed it to operate digital asset service providers. From a regulatory perspective, France is considered crypto-friendly – it has one of the highest crypto adoption rates in Europe, with 16% of French users owning crypto.

Source: Shutterstock

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