As more traditional financial institutions around the world embrace cryptocurrency this year, the French bank Societe Generale has become the first business in France to get a licence for crypto services.
According to the website of France’s AMF market regulator, Societe Generale’s cryptocurrency division, Forge, has received a licence as of Tuesday to provide services, including crypto custody, trading, and sales. CoinDesk, a publication covering cryptocurrencies, broke the news first.
Numerous cryptocurrency businesses, including Binance, the largest exchange in the world, have already registered with the AMF. However, licenced businesses are subject to stricter regulations in areas like corporate governance, IT, and compliance.
In 2023, cryptocurrency markets have risen as a result of major American financial institutions like BlackRock and Fidelity showing increasing interest in the volatile asset class.
The popular asset Bitcoin last week reached $31,818, its highest price in a year, and has increased in value by more than 80% so far in 2023. The asset is still less than half of its peak value of $69,000, though.
