Societe Generale to Offer Digital Asset Services
Société Générale quietly received regulatory approval to operate as a digital asset service provider in France last month.
With assets totalling more than €2.2 billion as of 2020, the bank founded in 1864 is the third largest by market capitalisation in France.
Through its blockchain-focused subsidiary, Société Générale Forge, the bank will now be able to hold, trade and sell digital assets. This follows a decision by the French financial regulator, the Autorité des Marchés Financiers (AMF).
In recent times, many venture capitalists have struggled to find regulated custody solutions for digital assets in France. This in itself means that French crypto funds such as Ledger Cathay Capital are set up as unregulated special purpose entities (SPE).
However, following the AMF’s decision, French venture capital firms holding their investments in tokens could safely use the services of the famous bank.
Last month, the French bank announced that its securities services would offer new custody services for asset management companies wishing to develop funds based on crypto assets.
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In June, cryptocurrency custody company Metaco announced a partnership with Société Générale Forge to expand its capabilities in the crypto sector.
France and cryptocurrencies
Last week, Crypto.com announced a €150 million investment in France to support its operations in the country, including the establishment of a regional base in Paris.
Other foreign crypto exchanges including Binance and Luno have also acquired licenses in France as the country seeks to establish itself as a hub for blockchain technology.
Binance also announced a €100 million investment in the country, saying France is uniquely positioned to be the leader of the crypto industry in Europe.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
