France’s First Crypto Licence Obtained by Societe Generale

The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. REUTERS/Stephane Mahe
The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. REUTERS/Stephane Mahe

 

LONDON  – French bank Societe Generale  become the first company in France to obtain license for crypto services.

Societe Generale’s crypto unit, Forge, is licensed as of Tuesday to offer services, including crypto custody, trading and sales, according to the website of France’s AMF market regulator. News was first reported by crypto outlet CoinDesk.

Crypto markets have rallied in 2023, spurred by growing interest in the volatile asset class by major U.S. financial firms including BlackRock and Fidelity.

Top token bitcoin last week hit $31,818, its highest for a year, and is up more than 80% in price so far in 2023. However, the asset remains less than half its all-time high of $69,000.