French Bank SocGen Obtains Regulatory Approval to Offer Crypto Assets Services

According to a breaking report released Sunday, Société Générale, a major bank in France, quietly received regulatory approval to operate as a digital asset service provider in the country last month.

The French bank was granted a digital asset service provider (DASP) license by the Autorité des Marchés Financiers (AMF), the French financial market regulator, allowing it to offer crypto services across the nation.

As of last month, through its fully integrated blockchain-focused subsidiary, Societe Generale Forge, the banking giant obtained the authorization that now enables it to offer crypto services to its customers. The move followed an increasing number of banks getting approval to provide digital asset services to users in the jurisdiction.

In July, French Bank BNP Paribas (BNP) entered the crypto custody space via a partnership with Swiss digital asset safekeeping firm Metaco. In April, the French Banque Delubac & Cie, became the first to obtain the status of Digital Asset Service Provider, allowing it to offer regulated crypto services in partnership with Swiss crypto infrastructure provider Taurus.

Cryptocurrency regulation in France took a major step in early May 2022 when the Binance crypto exchange was granted Digital Asset Service Provider registration. The registration allowed Binance to operate its crypto exchange in France.

The announcement established France as the first major European nation to give regulatory approval to a crypto exchange. The bold move secured France’s crypto exchange status and started attracting more crypto firms to operate in the country.

Early this month, followed Binance to launch its footprint in France after it got regulatory approval enabling it to operate as a digital asset service provider. From a regulatory perspective, France is considered crypto-friendly – it has one of the highest crypto adoption rates in Europe, with 16% of French users owning crypto.

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Crypto Exchange Blockchain.Com Joins Exchanges in Italy, a global cryptocurrency exchange headquartered in the UK, said on Thursday it had registered as a virtual asset service provider in Italy.

The move made the London-based full-stack crypto services platform one of the latest crypto firms to have received such a registration.

The latest approval enables its legal entity to operate in Italy issued by the Italian financial authority Organismo Agenti e Mediatori (OAM). said the registration it obtained would make it accountable and minimize the prospects for money laundering.

In a statement, the firm said it can now offer its crypto and digital wallet services to Italian users and institutional investors under the financial watchdog.

“This registration strengthens our position to offer services across Europe,” said.

Why Crypto Firms Are Currently Seeking Regulatory Approval in Italy is one of the digital asset providers expected to register afresh with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the cryptocurrency industry in Italy.

In February, Italy’s Ministry of Economy and Finance (MEF) published a new decree that requires cryptocurrency and digital wallet service providers who operate or intend to operate in the Italian territory to enrol in a special section of the register held by the financial regulator Organismo Agenti e Mediatori (OAM).

So far, several major exchanges, including BitGo, Binance, U.S-based Coinbase, Singapore-based, and Luxembourg-based cryptocurrency exchange Bitstamp, among others, have already secured registration with the OAM.

Once the time limits set out in the new requirements have expired, only firms entered in the register will be allowed to offer such services in Italy. To be registered, cryptocurrency providers are expected to have their registered office and operational headquarters in Italy.

The announcement by OAM is part of efforts by global regulators to bring a regulatory framework to the crypto sector, which is subject to patchy rules. Financial stability threats, consumer protection, and illicit use of cryptocurrencies are issues on the agenda.

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