Societe Generale Bank receives a license to provide crypto services in France

The bank’s customers can store and trade digital assets

19.07.2023 - 12:45

615

2 min

What’s new? French financial conglomerate and one of Europe’s largest banks, Société Générale, has received Digital Asset Service Provider (DASP) registration with the French Financial Markets Authority (AMF). The institution can now offer digital asset custody, exchange, transfer, and trading services to local customers.

AMF website

Société Générale was founded in 1864 and has been among the globally systemically important banks since 2011. The institution has more than 149 000 employees in 66 countries. It works with 25 million clients, including individuals, enterprises, and institutional investors. The equity capital of Société Générale is 66,97 billion EUR.

What else is known? Société Générale received license #A2023-001 on July 18. Earlier, crypto exchanges Binance and Bitstamp, as well as broker eToro, registered with the AFM.

Registration as a DASP is mandatory in France for companies providing four types of services: storing digital assets, buying and selling them in fiat currency, and trading or managing a trading platform for digital assets.

South African authorities impose mandatory licensing of crypto exchanges

20 companies have already submitted applications to the regulatory body

Read further

The AMF website notes that all companies granted a license must comply with anti-money laundering and counter-terrorist financing obligations, as well as asset freezing.

Earlier, Société Générale announced the launch of a euro-pegged stablecoin. EUR CoinVertible under the ticker EURCV on the Ethereum blockchain is available only for KYC/AML-verified institutional investors.

Author: