The increase in the adoption and use of cryptocurrencies has attracted institutional banks to the crypto sector.
At this point, many banks offer crypto money services to their customers. One of these banks was the French banking giant Societe Generale.
Societe Generale's crypto division SG Forge has become the first French company to receive a license from the country's financial regulator to offer crypto services in France, Coindesk reports.
While many crypto platforms such as the world's largest crypto exchange Binance have registered with AMF, it became the first bank to receive a crypto license from AMF, the crypto division of France's third largest bank by market value.
The country's Financial Markets Authority (AMF) said in a statement that SG Forge will be available for trading, clearing and custody of digital assets as of July 18, 2023.
French banking giant Societe Generale is actively involved in the cryptocurrency space. At this point, the bank announced last April that they would launch an Ethereum (ETH)-based stablecoin called “EUR CoinVertible” for its institutional customers.
EUR CoinVertible, which will be pegged to the euro, was described by the company as a “digital asset designed to meet the expectations of institutional investors”.
*Not investment advice.