A Societe Generale subsidiary in France, the third-largest bank, has been registered as a provider of digital asset services.

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The third-largest bank in France’s subsidiary, Societe Generale-Forge, has been registered as a provider of digital asset services with the Autorité des marchés financiers (AMF), the country’s financial markets watchdog.

 

Societe Generale’s Subsidiary Registers as Digital Asset Service Provider

The French financial regulator, the Autorité des marchés financiers, has now registered Societe Generale-Forge, Societe General Group’s subsidiary for digital assets (AMF). By total assets, Societe Generale is the third-largest bank in France.

The AMF’s list of authorized Digital Asset Service Providers (DASPs) shows that Societe Generale-Forge registered on September 27. The business is now permitted to provide digital asset custody services, to buy and sell digital assets in France as legal tender, and to trade digital assets for other digital assets.

According to the information on its website, Societe Generale-Forge offers issuers and investors end-to-end services to issue, invest in, and manage digital-native security tokens registered on public blockchains. Its website describes, elaborating:

Societe Generale is now offering a range of capital market products to institutional clients under a native security token format on Ethereum and Tezos with full banking level safety and regulatory compliance.

Societe Generale Securities Services (SGSS) revealed last month that it had started providing new services for asset management firms looking to create cutting-edge professional funds based on cryptocurrencies.

To “orchestrate its digital asset custody operations,” Societe Generale-Forge teamed up with Metaco, a supplier of infrastructure and technology for digital asset management, in June.

The bank explained that “Security tokens allow for a fully digital issuance process and lifecycle,” adding:

Due to their innovative characteristics, they have the potential to significantly improve efficiency, speed and transparency in financial markets and make transactions safer and more resilient — all while offering benefits similar to those of financial instruments issued in a conventional way.