Societe Generale, a French bank, has achieved a significant milestone by becoming the first company in France to acquire a license for providing crypto-related services. This move comes as an increasing number of mainstream financial institutions worldwide are adopting cryptocurrencies this year.
Societe Generale’s crypto division, Forge, has been granted a license to offer various services, including crypto custody, trading, and sales, as confirmed by France’s AMF market regulator’s website. The news was initially reported by crypto outlet CoinDesk. Several other crypto firms, including the world’s largest exchange Binance, have already registered with AMF. However, licensed companies like Societe Generale are subjected to more stringent regulations, covering areas like corporate governance, IT, and compliance.
The leading cryptocurrency, bitcoin, reached its highest value in a year, hitting $31,818 last week, with an overall price surge of more than 80% in 2023. Nevertheless, it remains below half of its all-time high of $69,000.