French banking giant, Societe Generale’s crypto division, SG Forge, is the latest firm to get regulatory approval from the AMF (Autorité des Marchés Financiers). According to AMF’s website, SG Forge is authorized to offer buying, selling, trading, and custody of digital assets from September 27th.
Societe Generale is the latest to join the list of crypto firms that have obtained digital asset service provider (DASP) registration in France. Binance and Crypto.com are among the other firms that have been approved by the AMF.
Societe Generale is one of the largest financial institutions in the world. The bank’s cryptocurrency service approval should ideally pave the way for more cryptocurrency adoption in the country.
Uptick in European Crypto Adoption
Recently European diplomats approved the text of their MiCA (Markets in Crypto Assets Regulation) legislation. The law will now have to be approved by the European Parliament, before being enacted. However, the law rules that approval by any one of the members stated will allow a firm to offer services to any of the other member states. Additionally, a crypto bank, BVNK, recently obtained a VASP license in Spain.
Moreover, Germany, another member of the EU (European Union) has usurped the United States as the top-ranked cryptocurrency economy. As per a new report by Coincub, Germany’s tax and savings policy towards long-term crypto investment pushed it to the top place. Furthermore, Germany is expected to be one of the first among developed economies to enter into a recession. It is possible that people are taking their savings out of the falling Euro, and putting them into cryptocurrencies.
The United States, which was previously tied with Germany for the top spot, has fallen to number seven. This could be a result of increasing interest rates and rising inflation.
At press time, the global crypto market cap stood at $971 Billion, up by 1.5% in the last 24 hours.