Amid the numerous crypto exchanges veering to obtain a financial regulatory license to operate as a DASP (Digital Asset Service Provider), the Societe Generale SG Forge became the first lucky winner.
Getting the approval to operate in the cryptocurrency sector in the country isn’t an easy fete since the French market has become bearish on cryptocurrency licenses because it showcases the highest level of regulatory certificate presently available for digital assets activities.
READ ALSO:Do Ripple and SEC have the Assurance of Avoiding a Complete Trial?
Although, in the France crypto space, companies require registration to operate, licenses however need a higher degree of compliance with the regulatory demands.
Quick Take
- According to a press release today by SG-FORGE (Societe Generale), a branch of Societe Generale Group, which is committed to cryptocurrency assets activities, the subsidiary has obtained the regulatory license endorsement to operate as a Digital Asset Service Provider (DASP).
- As stated by the country’s AMF market regulator on its website, Forge, the Societe Generale cryptocurrency unit has today obtained the license to provide services such as; cryptocurrency sales and trading.
- In addition, the license allows the company to carry out a full-range cryptocurrency activity in France. At present, SG Forge has the full authority as a DASP (Digital Asset Service Provider) to offer services that include; buying, exchanging, and selling of digital assets as well as custody services.
- With this new license, SG Forge is now different from other numerous crypto companies that are operating in France including the world’s biggest crypto exchange Binance which is registered but doesn’t have the license.
- According to SG Forge CEO, Jean-Marc Stenger, this is the company’s first step in its “pioneering capacity within the cryptocurrency assets ecosystem.”
- He further said that obtaining the license in France symbolizes a higher level of reliability and security of compliance, processes and systems, internal control, and cybersecurity.
- For an organization to qualify for the license of DASP, it must comply with some of the requirements regarding organization, business conduct, as well as financial resources.
The Crypto Scene Today
As of the time of this writing, the price of Bitcoin is $29,968.47 with an increase in market cap by 0.50% and a decrease in volume by 14.35%.
On the side of Ethereum, its current price is $1,908.40 with an increase in market cap by 0.68% and a decline in volume by 21.47%.
- Dogecoin currently trades at
