Third largest French bank Société Générale's (SocGen) blockchain unit, Société Générale Forge, has become the first company to obtain a digital asset service provider license in France under the country's new crypto regulations. The approval was granted by France's market regulator, Autorité des Marchés Financiers (AMF). The license will allow the unit to offer digital asset services to institutional clients. - The permit covers many crypto-related services like crypto custody, the purchase and sale of digital assets using legal tender, and digital asset transactions through other digital assets.
- The company needed to pass through more complex checks than the registration process to obtain a digital asset service provider license.
- The registration with the local regulators in France only requires the crypto firms to comply with the country's anti-money laundering rules.
Over the last several months, France has become an attraction point for many crypto firms, mainly due to President Emmanuel Macron's crypto-friendly approach embracing the industry. - Several crypto-related companies, including Circle, OKX, Binance, and Crypto.com, have already picked France's capital Paris as their European hub.
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