Societe Generale secures France’s inaugural crypto license.
LONDON (Reuters) – French Bank Societe Generale Obtains License for Crypto Services
Societe Generale, a leading French bank, has made history by becoming the first company in France to obtain a license for crypto services. This development comes as an increasing number of mainstream financial companies worldwide are embracing cryptocurrencies this year.
Societe Generale’s crypto unit, Forge, has been granted a license to offer a range of services, including crypto custody, trading, and sales. This news was initially reported by CoinDesk, a prominent crypto outlet.
A slew of crypto firms, including the world’s largest exchange Binance, have already registered with France’s AMF (Autorité des Marchés Financiers). However, licensed firms like Societe Generale are subject to more stringent regulations in areas such as corporate governance, IT, and compliance.
The crypto markets have experienced a significant rally in 2023, driven by the growing interest of major U.S. financial firms like BlackRock and Fidelity in this volatile asset class.
The price of the top cryptocurrency, Bitcoin, reached $31,818 last week, its highest level in a year, and has surged more than 80% so far this year. However, it is still less than half of its all-time high of $69,000.
(Reporting by Tom Wilson in London; Editing by Sharon Singleton)
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