Societe Generale Obtains First Cryptocurrency License from French Regulatory Authority (AMF)

On July 18th, according to the official website of the French Financial Markets Authority (AMF), Societe Generale's

cryptocurrency

division, SG Forge, has obtained a license to provide digital asset buying, selling, exchanging, and custody services, becoming the first company to receive a license to offer cryptocurrency services in France from the French financial regulatory authority.

Applying for the AMF license requires the applying entity to offer one or more digital asset services and establish the company in France. Additionally, in such cases, the company must adhere to certain requirements concerning organization, financial resources, and business conduct. These regulations are put in place to ensure compliance and proper oversight in the provision of cryptocurrency services in France.

The following services will be considered as providing digital asset services:

According to the official website, since 2020, a total of 90 companies have applied to AMF for registration as Digital Asset Service Providers (DASP), with 3 applications being rejected. As of now, only SOCIETE GENERALE - FORGE has successfully obtained the license. The scope of their service license includes:

• Digital asset custody

• Buying/selling digital assets with fiat currency

• Trading digital assets with other digital assets

• Receiving and transmitting third-party orders for digital assets

This license allows SOCIETE GENERALE - FORGE to operate legally in France as a provider of digital asset services, under the oversight and regulation of AMF.

In addition, AMF may revoke the registration of a Digital Asset Service Provider (DASP) based on the following reasons:

(i) At the initiative of AMF or ACPR, if the DASP no longer complies with its registration requirements or obtained the registration through false statements or any other irregular means (hereinafter referred to as “Revocation due to non-compliance with registration requirements”).

(ii) If the DASP has not commenced its activities within twelve months after registration, or if there has been no activity for at least six months (hereinafter referred to as “Revocation due to lack of activity”); or

(iii) At the initiative of the DASP, if it ceases its activities as a DASP (hereinafter referred to as “Revocation due to cessation of activity”).