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News/Societe Generale Subsidiary SG-Forge Secures First French Crypto License

Societe Generale Subsidiary SG-Forge Secures First French Crypto License

Jul 19 2023

10 months ago2 minutes read

SG-Forge Achieves Milestone with First-Ever French Crypto License

Written by Van


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Marking a pivotal moment for cryptocurrency in France, the first-ever digital asset service provider (DASP) license has been awarded to SG-Forge, a subsidiary of Societe Generale. This license, bestowed by France's stock market regulator, the AMF, signifies the apex of regulatory certification for digital asset operations.


A New Era for Crypto in France

SG-Forge's registration with the AMF in September 2022 allowed it to custody digital assets and enabled its customers to purchase crypto with legal tender and trade digital assets against digital assets. 

However, the DASP license takes it a step further. It attests to the enhanced security and reliability of compliance, internal control, and cybersecurity systems. With this license, SG-Forge can now offer something no other firm in France currently does: the reception and transmission of orders for digital assets.


The Impact of MiCA Legislation

French Crypto License.webp

This regulatory requirement for crypto asset providers comes directly from MiCA, sweeping EU legislation that was first passed in April. According to Article 80 of MiCA, crypto providers that receive and transmit orders for clients need to establish and implement procedures and arrangements enabling them to promptly execute such transactions. 

SG-Forge will also qualify as a Class 1 and Class 2 crypto asset service provider under MiCA, provided the company meets the minimum capital requirements of 125,000 euros (about $140,000).


The Future of SG-Forge

SG-Forge CEO Jean-Marc Stenger expressed that this license approval cements the firm’s place in the digital assets space and allows it to continue moving forward with its services. 

The license approval also strengthens the development on the firm’s euro-pegged stablecoin, EUR CoinVertible (EURCV), which is designed to offer institutional investors a way to bridge gaps between traditional markets and digital assets.


FAQs

1. What does SG-Forge's DASP license mean for the French crypto market?

The DASP license represents the highest level of regulatory certification currently possible for operations involving digital assets in France. With this license, SG-Forge can now offer the reception and transmission of orders for digital assets, a service not currently offered by any other firm in the country.

2. How does the MiCA legislation impact SG-Forge and other crypto providers?

MiCA, a sweeping EU legislation, requires crypto providers that receive and transmit orders for clients to establish and implement procedures and arrangements enabling them to promptly execute such transactions. SG-Forge, with its DASP license, is now able to meet these requirements.

3. What are the qualifications for a Class 1 and Class 2 crypto asset service provider under MiCA?

To qualify as a Class 1 and Class 2 crypto asset service provider under MiCA, a company must meet the minimum capital requirements of 125,000 euros. Class 1 providers can manage customers’ crypto portfolios and provide investment advice, among other things. Class 2 providers can do everything Class 1 can do but can also offer custody services.

4. How does the DASP license impact SG-Forge's future operations?

The license approval allows SG-Forge to continue moving forward with its services in the digital assets space. It also strengthens the development of the firm’s euro-pegged stablecoin, EUR CoinVertible (EURCV).

5. What is the purpose of SG-Forge's euro-pegged stablecoin, EUR CoinVertible (EURCV)?

The EUR CoinVertible (EURCV) is designed to offer institutional investors a way to bridge gaps between traditional markets and digital assets. The development of this stablecoin is further strengthened by SG-Forge's recent DASP license approval.


Final Thoughts

In conclusion, SG-Forge's acquisition of the first-ever DASP license in France marks a significant milestone in the country's cryptocurrency landscape. This development not only solidifies SG-Forge's position in the digital asset space but also paves the way for enhanced crypto services in France. 

As the firm continues to innovate, its euro-pegged stablecoin, EUR CoinVertible (EURCV), promises to bridge the gap between traditional markets and digital assets, offering new opportunities for institutional investors. This is indeed a promising step forward for the integration of cryptocurrency into mainstream finance.

This article has been refined and enhanced by ChatGPT.

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