This is a first in France: SG-Forge, a subsidiary of the French banking group Société Générale, officially becomes the first company to obtain PSAN approval from the AMF. In this way, the company is preparing for the forthcoming entry into force of the European MiCA regulations and aims to reassure its institutional clients about the quality of its financial solutions.
SG-Forge becomes the first company to obtain the approval
The news has just fallen: SG-Forge, the subsidiary of the Societe Generale group, has just obtained from the Financial Markets Authority (AMF) the approval of service provider on digital assets, also called PSAN. Thus, it becomes the first company to obtain the famous sesame so coveted by companies in the sector.
Currently, in France, companies in the cryptocurrency industry necessarily need to obtain the PSAN registration to operate custody activities and exchanges between digital assets and fiat currencies. Today, more than 70 companies have this status.
For its part, the PSAN approval is optional, at least for now. To prepare for the entry into force of the MiCA (Markets in Crypto-Asset) regulation from 2024SG-Forge has gathered the necessary conditions to obtain this approval, in particular by obtaining professional liability insurance, an essential element that is difficult to obtain for French companies in the field.
Thus, the subsidiary of the French bank is showing the way forward for the cryptocurrency industry. According to Jean-Marc Stenger, CEO of SG-Forge, Obtaining accreditation is a guarantee of quality to guarantee institutions the seriousness and compliance of the company vis-à-vis the regulations in place:
“With the obtaining of the PSAN approval, Societe Generale – FORGE confirms its pioneering role in the ecosystem of crypto-assets. 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.”
As a reminder, SG-Forge obtained its PSAN registration in September 2022. Since then, the company deployed the EURCV stablecoin last April on the Ethereum blockchain with a view to attracting institutions to new financial products.
👉 On the same theme: CACEIS, the Crédit Agricole subsidiary obtains PSAN registration
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Source: AMF
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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