According to the latest reports, Société Générale (a renowned bank in France), has gained approval to offer services related to the sale and purchase of digital assets. In terms of market capitalization, Société Générale ranks third on the list in France. It offers a complete range of banking services through the use of its cutting-edge technology and digital innovation. Now it is expected that with its experience of 158 years, its is expected that it would prove a beneficial entry into the digital asset ecosystem. At the moment, Société Générale has a presence in 66 countries of the world.
Société Générale Now Enabled to Trade Crypto Assets
Société Générale received a license as a digital asset service provider (DASP) from AMF (French regulator) a few days ago and now it has the liberty to indulge in crypto assets. Precisely speaking, it will expand its services to custody, buy, and trade crypto assets on various blockchains. So far, the banking giant has not yet officially released this news and its employees have also not approved or disapproved of this news.
With crypto adoption speeding up, still many countries have kept crypto traders in handcuffs by imposing strict rules and regulations. The situation in France is not very ideal too as many firms are still trying to get a license. It means that crypto funds like Cathy Capital operated as unregulated but special-purpose vehicles. However, the latest ruling from AMF about the approval of Société Générale will pave way for approval for others as well. Other institutions trying to custody their crypto investments may become enabled to utilize the services of this banking giant which currently ranks third on the list in France and 6th in Europe.
This progress links to some previous moves of Société Générale in the digital asset ecosystem as well. A month earlier, it announced that the securities-related services will soon offer new custodial services for other firms and wealth management companies who are interested in Web3 and blockchain. Société Générale also announced a partnership with Metaco in June this year to further enhance its capabilities in the field of digital assets.
France and Crypto Assets
Nowadays, many international firms are looking at France for enterprise blockchain technology because France has emerged as a hub for blockchain in Europe. Not more than a week ago, the popular digital assets platform, Crypto.com, uncovered its plan to invest $145 million in France to expand its services in this particular jurisdiction. It also announced the establishment of a regional head office in Paris.
It is pertinent to mention here that Crypto.com is not the only firm that is investing in France because Binance crypto exchange has also acquired a license to operate in France. If we compare statistically, the investment of Société Générale is larger as compared to Binance as Binance is investing $97 million. The investment of Société Générale is approximately 33% more than Binance which is rated as the number 1 centralized cryptocurrency (crypto) exchange at the moment.
