Forge, a subsidiary of Societe Generale, France's third-largest bank, has achieved a significant milestone by becoming the first company to receive the highest access license for providing crypto services in the country. The license, known as Prerequisite for Numerous Services Activ ities (PSAN), allows companies to offer a range of cryptocurrency services, including custody of digital assets, buying and selling cryptocurrencies for fiat currency, and conducting transactions with other providers.
This achievement was reported on July 19 in an update to the register of the French stock market regulator, the Authority Financial Markets (AMF). According to a representative from Societe Generale, the PSAN certification represents the highest level of regulatory approval currently available for digital asset transactions.
While approximately 90 companies have already obtained AMF licenses for providing crypto-related services, Forge's approval stands out as it is the first company to receive the top-level certification for multiple services. This stringent regulatory approach can give larger traditional banks, like Societe Generale, an advantage over smaller cryptocurrency firms seeking similar approvals.
Societe Generale has been actively involved in the cryptocurrency space, issuing eurobonds on the Ethereum blockchain, security tokens on the Tezos blockchain, and proposing the use of Dai, a stablecoin, in exchange for bond tokens. Additionally, Forge launched EUR Coinvertible, a euro-pegged stablecoin for qualified institutional clients in April 2023, which is only available to investors who undergo the bank's existing know-your-customer and anti-money laundering procedures.
Despite France being one of the most crypto-friendly jurisdictions in Europe, there have been ongoing regulatory investigations, with Binance's local affiliate facing a preliminary investigation by the Financial Judiciary Investigation Service under the direction of Paris' dedicated interregional jurisdiction.
