Positive News Coming From Europe For The Cryptocurrency Market: Another Bank Approved!

Franceaccording to the market value of third largest bank the one which… Société Generalecountry last month cryptocurrency quietly received regulatory approval to operate as a service provider.

France Approves Its Third Largest Bank to Operate Cryptocurrency Services

Founded in 1864 and total as of 2020 2.2 billion eurosIt is the third largest bank in France with assets exceeding , and the sixth largest bank in Europe in terms of balance sheets.

As of last month, its fully integrated Blockchain focused subsidiary Societe Generale Forge Through it, the banking giant can now store, sell and trade digital assets.

This is the French financial market regulator. Autorité des Marchés Financiers (AMF) It was thanks to the decision of the digital asset service provider (DASP).

Currently, many venture capitalists in France are struggling to find regulated custody solutions for digital assets.

This suggests that French crypto funds, such as the €100 million Ledger Cathay Capital fund, were set up as unregulated special-purpose vehicles.

This latest decision by the AMF means that French venture capital firms looking to hide their digital asset investments can use the services of one of the most prominent banking players.

The French bank has announced that its securities services will offer new custody services for asset management companies looking to develop funds based on cryptocurrencies.

In June, crypto custodian Metaco announced that it would partner with Société Générale’s Forge to expand its digital asset capabilities.

Overseas crypto companies also continue to see France as a major hub for blockchain technologies in Europe.

Last week, cryptocurrency platform Crypto.com announced that it has invested 150 million euros in France to support its operations in the country, including the establishment of a regional base in Paris.

*Not investment advice.