The French financial regulator has granted the first license for a crypto service provider in France to SG Forge’s cryptocurrency division.

According to Autorite des Marches Financiers’ website, SG Forge has been licensed to offer buying and selling digital assets, exchanges and custody as of July 18.

The AMF has registered dozens of crypto firms including the largest cryptocurrency exchange in the world, Binance. However, the crypto arm of France’s 3rd-largest bank based on market capital is the first one to be licensed.

In France, it is mandatory for companies that provide crypto custody services to register.

Registration is not as important to demonstrate compliance with regulations.

In a statement SG Forge CEO Jean Marc Stenger stated that the unit’s approval “confirms the unit’s pioneering role in crypto assets ecosystem”, citing “an important step” for the Ethereum based CoinVertible stablecoin.

Read more: Credit Agricole’s CACEIS gains crypto custody registration in France

UPDATE (19 July, 09:42 UTC). Added additional details about the nature of AMF licenses.

UPDATE (19 July 11:14 UTC: Adds SG Forge comments in the last paragraph.

Sheldon Reback is the editor.