APPROVALS FROM FRANCE TO CONDUCT DIGITAL BUSINESS

Approvals continue from French financial authorities.

SG Forge, the digital asset division of Société Générale, one of France’s oldest banks, has been registered as a digital asset service provider (DASP). The registration allows it to offer custody services for cryptocurrencies, as well as buying, selling, and exchanging for clients.

After launching in 2018 as one of 60 internal startups established by Société Générale, SG Forge has become the financial institution’s leading digital asset department.
The company independently partnered with both ConsenSys and Tezos to pilot the creation of a digital central bank currency for France and to launch the first tokenized structured product. Not to forget the collaboration with Metaco to pilot the cryptocurrency custody platform for security tokens and continue to expand its digital asset capabilities.

Yet another step forward in the digital sector for France, which would like to become a hub for cryptocurrencies. In fact, the country has sought to encourage tech startups by adopting very favorable regulations, in addition to the overt desire to make Paris the most important tech startup incubator in Europe.

It is worth highlighting how in a country very close to France, such as Portugal, a few days ago, really bucking the trend, the government announced a 28% tax on capital gains from the exchange of digital currencies.

Let us also recall that the recommendations of the Bank for International Settlements, which has long been calling on states to have a state digital currency, have been grasped in Europe especially by France, which is currently the most advanced European country in digital currency design.

From March 2020 to the end of last year, the French Central Bank conducted nine experiments that helped demonstrate how CBDCs can be used for wholesale payments.

One year on, the French Central Bank said that the first phase of digital euro experimentation has been completed and the second will begin this year.