Societe Generale receives France’s first crypto license – One America News Network

LONDON (Reuters) – French bank Societe Generale has become the first company in France to receive a license for crypto services as more major financial companies embrace crypto around the world this year.

Societe Generale’s crypto unit, Forge, on Tuesday received a license to provide services including crypto custody, trading and sales, according to the website of French market regulator AMF. The news was first reported by crypto outlet CoinDesk.

Advertising

A number of crypto companies, including the world’s largest exchange Binance, have already registered with the AMF. Licensed firms, however, are subject to stricter regulations in areas such as corporate governance, IT and compliance.

In 2023, crypto markets rallied, fueled by increased interest in the volatile asset class from major US financial firms, including BlackRock and Fidelity.

Top token Bitcoin hit $31,818 last week, its highest level in a year, and is up more than 80% in 2023. Still, the asset remains less than double its all-time high of $69,000.

(Reporting by Tom Wilson in London; Editing by Sharon Singleton)