1 December 2022

France’s 3rd Largest Bank Societe Generale’s Subsidiary Obtains Registration as Digital Asset Service Provider

France's 3rd Largest Bank Societe Generale's Subsidiary Obtains Registration as Digital Asset Service Provider

Societe Generale-Forge, a subsidiary of France’s third-largest bank, has obtained registration with the Autorité des marchés financiers (AMF), the French financial markets regulator, as a digital asset service provider.

Societe Generale’s Subsidiary Registers as Digital Asset Service Provider

The digital asset subsidiary of Societe General Group, Societe Generale-Forge, is now registered with France’s financial regulator, the Autorité des marchés financiers (AMF). Societe Generale is France’s third-largest bank by total assets.

According to the AMF’s list of registered Digital Asset Service Providers (DASPs), Societe Generale-Forge obtained registration on Sept. 27. The company is now authorized to offer digital asset custody service, the purchase and sale of digital assets for legal tender, and the trading of digital assets against other digital assets in France.

Societe Generale-Forge provides issuers and investors with end-to-end services to issue, invest and manage digital-native security tokens registered on public blockchains, its website describes, elaborating:

Societe Generale is now offering a range of capital market products to institutional clients under a native security token format on Ethereum and Tezos with full banking level safety and regulatory compliance.

Last month, Societe Generale Securities Services (SGSS) announced that it has begun offering new services for asset management companies wishing to develop innovative professional funds based on cryptocurrencies.

In June, Societe Generale-Forge partnered with Metaco, a provider of digital asset management technology and infrastructure, “to orchestrate its digital asset custody operations.”

“Security tokens allow for a fully digital issuance process and lifecycle,” the bank detailed, adding:

Due to their innovative characteristics, they have the potential to significantly improve efficiency, speed and transparency in financial markets and make transactions safer and more resilient — all while offering benefits similar to those of financial instruments issued in a conventional way.

What do you think about Societe Generale-Forge obtaining registration with France’s financial regulator as a digital asset service provider? Let us know in the comments section below.

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