SCGLY - Societe Generale's SG Forge gets nod to offer crypto services in France

2023-07-19 10:11:06 ET

Societe Generale's ( OTCPK:SCGLY ) ( OTCPK:SCGLF ) cryptocurrency arm, SG Forge, received a license earlier this week from France's financial regulator to provide digital asset services in the country, according to the Autorite des Marches Financiers' website.

As of July 18, SG Forge has the authority to offer trading, exchange and custody of digital assets. Registration with the AMF is a must for firms seeking to provide such services in France.

Moreover, the firm must be established in France and is required to "comply with certain requirements in terms of organisation, financial resources and business conduct," the AMF's website shows.

The approval comes after SG Forge in April introduced a euro-pegged stablecoin on the ethereum ( ETH-USD ) blockchain, as part of its effort to bridge the gap between traditional capital markets and digital assets.

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