France grants permission to the country's third largest bank to provide virtual asset services

Société Générale, France's third largest bank, has been authorised to provide virtual asset services to its customers in France through its subsidiary Forge.

Société Générale was formed in 1864 and has assets of about €2.2 billion as of 2020. Last month, it discreetly acquired license from French regulators to operate as a digital asset service provider. Société Générale is also Europe's sixth largest player in terms of balance sheets.

Société Générale will now hold, sell, and trade virtual assets through its subsidiary Forge, pursuant to a virtual asset service provider (DASP) ruling from the Autorité des Marchés Financiers (AMF), the French financial market regulator.

France's crypto connection has recently been cordial, and as a result of the welcoming atmosphere the government has provided for crypto-related businesses, more crypto enterprises are growing to France.

This year alone, many crypto businesses have announced their entrance into France, including Binance, Luno, and Crypto.com.

CZ's Binance announced a $97 million investment in France in April, calling the country "uniquely positioned to be the leader of this market in Europe."

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