The third-largest bank in France has been given permission to run digital asset services.

The third-largest bank in France by market capitalization, Société Générale, discreetly received regulatory authorization to operate as a provider of digital asset services in the nation last month.

It was established in 1864 and, as of 2020, had assets of more than €2.2 billion, making it the third-largest bank in France and the sixth-largest player in all of Europe.

The banking behemoth can now custody, sell, and trade digital assets through its fully integrated blockchain-focused subsidiary, Societe Generale Forge, as of last month.

This is due to a decision made by the French financial market regulator, the Autorité des Marchés Financiers (AMF), regarding digital asset service providers (DASP).

A Société Générale official was contacted by The Block on Friday but had not responded as of the time of publication.

Many venture investors in France are currently having trouble locating regulated custodial solutions for digital assets.

This indicates that unregulated special-purpose vehicles were used to construct French cryptocurrency funds, such as the €100 million Ledger Cathay Capital fund.

Due to the AMF’s most recent decision, French venture capital companies wanting to custody their token investments may be able to use the services of one of the country’s most recognizable banking players.

This comes after earlier efforts by the bank to enter the digital asset market. The bank revealed last month that its securities services would provide additional custodial services for asset management firms looking to create cryptocurrency-based funds.

To increase its capabilities for digital assets, Société Générale’s Forge and cryptocurrency custody provider Metaco established a partnership in June.