France’s third largest bank to offer digital asset services

France's third largest bank to offer digital asset services

Société Générale, France’s largest bank by market capitalization, has received regulatory approval to operate as a digital asset service provider in the country. Founded in 1864 and with assets exceeding 2.2 billion euros in 2020, the bank was known to be the sixth largest bank in Europe. It was stated that the banking giant can now provide services to store, sell and trade digital assets through its subsidiary Société Générale Forge. The approval came from France’s financial market regulator ‘Autorité des Marchés Financiers (AMF).

According to the transferred details; Currently, many startups in France are struggling to find custody solutions for digital assets. AMF’s latest move means that French venture capital firms looking to hide their digital asset investments can now use the services of Société Générale. It is also known that the bank announced last month that it will offer custody services to asset management companies that want to create crypto-based funds. Similarly; Crypto custodian Metaco reportedly announced in June that it will be collaborating with Société Générale Forge to expand its digital assets. and Binance had invested millions of dollars in France

On the other hand; Overseas crypto companies have recently started to see France as a key hub for blockchain technologies in Europe. Last week, popular cryptocurrency exchange announced that it has invested $145 million in France to expand its operations in the country. It was stated that this investment also includes establishing a base in Paris, the capital of France, as the European headquarters of

Along with, other overseas crypto exchanges such as Luno and Binance have also recently received regulatory approval to operate in France. Binance also announced in April that it would invest $97 million in the country.

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