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One of the biggest banks in France, Société Générale recently got a secret approval to provide his customers with digital asset transactions. The data of 2020 tells, that Société Générale bank has got assets of approximately 1.4 billion euros, which makes it the third biggest bank in France and the 6th one in Europe.
Thanks to the approval, one of the whales of the bank industry can now make operations (sell, trade, purchase, etc.) with digital tokens through his blockchain-centralized company, which is called Societe Generale Forge. This was caused by a ruling of AMF, (which is a financial market regulator company) regarding to DASP.
French Want to Be in Cryptoworld
Numerous French investors are now looking for authorized solutions for their digital tokens. So, many unregulated special-purpose mechanisms (For example: Ledger Cathay Capital with 100 million euros fund) were used to create French crypto funds.
Owing to the recent decision of AMF, venture capital firms in France, who want to keep their funds in cryptocurrencies, use the France’s most famous banking members’ services.
As of the bank’s last month’s announcement, its security services were going to provide additional services for cryptocurrency companies to custody their funds. For increasing its potential in cryto-based world, Société Générale’s Forge and Metaco (Crypto custody provider) signed a partnership deal in June.
France is Being a Big Center in Europe
International crypto companies keep on to consider France as one of the most important blockchain technologies’ centers in Europe. After the approval was given, Crypto.com announced about its willingness to spend more than 145 million USD in France to develop the crypto operations in that region, which includes opening a local office in the capital of France, Paris.
The country of croissants, is planning to deploy cryptocurrencies in the next Olympic Games in 2024, which will take place in Paris. France is considered an effective crypto center for Binance (well-known crypto exchange), which revealed about 97 million USD investment in the region in April.
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