Societe Generale – FORGE (SG-FORGE), a subsidiary of the Societe Generale Group dedicated to crypto assets activities, announces that it has obtained its regulatory license approval as Digital Asset Service Provider (‘DASP’, or ‘Prestataire de Service sur Actifs Numériques’ (PSAN)) with the French Financial Markets Authority (Autorité des Marchés Financiers (AMF)), a first in terms of regulated services on digital assets.
The DASP license approval “represents the highest level of regulatory certification currently possible for digital asset activities.”
It demonstrates “a comprehensive level of security and reliability of compliance, internal control and cybersecurity processes and systems, as well as the maintenance of sufficient regulatory capital.”
As the first DASP-licensed company, SG-FORGE anticipates “the implementation of the European MiCA regulation, which aims to regulate and secure the crypto-asset market at the European Union level by 2024.”
The DASP approval by a major EU national regulator is also “an important step for the development of the Euro CoinVertible (EURCV), deployed last April on the public blockchain Ethereum by SG-FORGE, while enriching the Societe Generale Group’s service offer to meet the demands from institutional clients for digital assets.”
Jean-Marc Stenger, Chief Executive Officer of Societe Generale-FORGE, said:
“With the DASP license approval, Societe Generale – FORGE confirms its pioneering role in the crypto assets ecosystem. This step will allow us to continue supporting our institutional clients wishing to benefit from services on digital assets that meet the highest standards of compliance and banking security.”
SG-FORGE previously “obtained the DASP registration in September 2022.”
This was a mandatory step “to offering services such as the custody of digital assets, the buying or selling of digital assets for legal tender, and the exchange of digital assets against other digital assets.”
As noted in the update, Societe Generale-FORGE, “a fully integrated and regulated subsidiary of Societe Generale Group, is licensed as an investment firm and authorized to provide MiFID 2 investment services under the supervision of the ‘Autorité de contrôle prudentiel et de résolution’ (ACPR) and under the control of the AMF and is registered as DASP (PSAN) by the AMF.”
Societe Generale-FORGE has “built an open, secure and institutional-grade platform for digital assets operations, underpinned by full banking level safety and regulatory compliance.”
The solutions and digital assets developed by SG-FORGE comply “with the CAST open-source interoperability and securitization frameowrk.”
