Conglomerate Societe Generale, through its subsidiary Forge, has received a Digital Asset Service Provider (DASP) license from the French Financial Market Supervisory Authority (AMF).
The permit allowed the firm to broker, hold, trade, sell and acquire cryptocurrencies as legal tender.
The press release says that the approval of the activity by the regulator will satisfy the demand of institutional clients. It is also an important step in the context of the euro-based regulated Ethereum stablecoin launched in April 2023 by the organization.
To date, 87 organizations have registered with the AMF, including affiliates of well-known industry players such as Binance, Bitstamp, Luno, and Bitpanda. Forge was the first to receive a license.
“Firms must meet certain requirements in terms of organization, financial resources and business conduct” – explained in the message AMF.
In March 2023, the French authorities adopted a series of new rules for licensing and registering cryptocurrency companies. The amendments turned out to be softer than those proposed earlier.
In April, the AMF began an accelerated review of applications from supervised crypto firms to comply with the pan-European rules provided for in the MiCA law.
Recall that in March an application for obtaining DASP status from AMF was submitted by the USDC co-issuer, the Circle company, and in May by the OKX exchange.
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