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Cryptocurrency News Articles
Societe Generale-FORGE Partners With Bitpanda to Advance Mainstream Adoption of EUR CoinVertible (EURCV) Stablecoin
Sep 25, 2024 at 03:05 pm
Global banking conglomerate Societe Generale has partnered with Bitpanda, to grow crypto and stablecoins into a key component of the global financial system.
Banking conglomerate Societe Generale has partnered with crypto exchange Bitpanda to integrate crypto and stablecoins into the global financial system.
The partnership will see Bitpanda collaborate with Societe Generale’s blockchain arm, Societe Generale-FORGE, to drive the mainstream adoption of EUR CoinVertible (EURCV) — a euro-denominated stablecoin launched by the banking giant in 2022.
According to Jean-Mark Stenger, CEO of Societe Generale-FORGE, the partnership is a crucial step in making stablecoins a part of the wider financial system.
“The partnership with Bitpanda will help integrate crypto and stablecoins into the global financial system,” Stenger told Cointelegraph.
The partnership comes ahead of the full implementation of the Markets in Crypto-Assets (MiCA) bill, which will mark the first comprehensive regulatory framework for the crypto industry. The framework impacting crypto-asset service providers is set to go into full effect on Dec. 30.
Related: BlackRock Bitcoin ETF demands 12-hour BTC withdrawals from Coinbase
Euro-based stablecoins are essential for the European crypto industry
Highlighting the importance of stablecoins, Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, noted that stablecoins are crucial for the European crypto industry.
“Euro-based stablecoins will be essential for the future of the European crypto industry,” Enzersdorfer-Konrad wrote.
“Stablecoins are the main on-ramp between the world of fiat currencies and digital assets. Investor access to regulated stablecoins is essential for attracting more investment into cryptocurrencies.”
Societe Generale’s stablecoin will be MiCA-compliant and will be listed on Bitpanda’s trading platform for European investors.
Societe Generale is the world’s 19th largest banking group, boasting over $1.7 trillion in total assets as of 2023, according to Wikipedia data.
World’s largest banks. Source: Wikipedia
Related: Europe’s largest banks are moving into crypto thanks to regulations — Bitpanda
MiCA regulations are just around the corner
In recent months, several crypto firms have been preparing for the full implementation of the MiCA bill, including Kraken exchange, which acquired the Netherlands’ oldest registered crypto broker firm, Coin Meester (BCM), as part of its European expansion.
The bill will make the European Union the first jurisdiction to introduce a comprehensive regulatory framework on digital assets, which compliance experts have highlighted as a potentially pivotal moment for crypto regulation.
While MiCA’s full implementation is set for December 2024, the initiative could still face potential delays due to the technical complexity of the implementation, according to Hedi Navazan, head of compliance and regulatory affairs at Crystal Intelligence.
“The Markets in Crypto-Assets Regulation will be fully applicable as of Dec. 30, 2023, for crypto-asset service providers,” Navazan told Cointelegraph.
“However, it is important to note that the Markets in Crypto-Assets Regulation contains a provision that allows the European Commission to delay the application of the provisions relating to the authorization and supervision of crypto-asset service providers by up to 18 months.”
Crystal Intelligence has co-hosted seven roundtable discussions on the upcoming MiCA bill with public and private participants and notable crypto firms, including Binance, Bitpanda, Kraken and members of the European Commission.
What are stablecoins, and how do they work? Source: Cointelegraph
Magazine: Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest, Sept. 15–21
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