19-7-2023 (LONDON) Societe Generale, a prominent French bank, has achieved a significant milestone by becoming the first company in France to secure a license for offering crypto services. This move comes as an increasing number of mainstream financial institutions around the world are embracing cryptocurrencies in 2023.
Societe Generale’s crypto division, known as Forge, obtained the license on Tuesday, granting them the authority to provide various crypto-related services, including custody, trading, and sales. The approval was officially listed on the website of France’s financial market regulator, AMF. The news was initially reported by CoinDesk, a reputable crypto news outlet.
In response to the growing popularity and adoption of cryptocurrencies, several crypto firms, including major players like Binance, have already registered with the AMF. However, obtaining a license subjects these firms to more rigorous regulations in areas such as corporate governance, information technology, and compliance.
The crypto markets have experienced a bullish trend in 2023, largely fueled by the increasing interest from major U.S. financial firms like BlackRock and Fidelity in the volatile asset class. Bitcoin, the leading cryptocurrency, recently reached $31,818, marking its highest value in a year and enjoying a price surge of over 80 percent since the beginning of 2023. Nevertheless, it’s worth noting that Bitcoin’s current value is still less than half of its all-time high of $69,000.
