A 150-year-old investment bank has received approval for its cryptocurrency subsidiary.
The French Financial Markets Authority (AMF) has registered a bank subsidiary, SG Forge, as the operator of three activities related to digital assets: holding, buying, selling and exchanging digital assets. The bank will also have to register in order to launch its trading platform.
Société Générale is the third largest lender in France by market capitalization. The cryptocurrency division of the bank began its activities in 2018 and since then has managed to launch several blockchain projects of the bank. The company’s partners were Tezos blockchain software platform and ConsenSys. Together with them, SG Forge experimented with the creation of a French central bank digital currency (CBDC).
Now, with AMF approval, SG Forge will work alongside the likes of Crypto.com, Binance, and Bitpanda. The company has yet to launch an online platform in the country to provide services to retail investors.
Earlier it became known that the French Olympic Committee is exploring the possibility of using blockchain to sell tickets for the upcoming 2024 Olympic Games.
Source: Bits
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