French financial institution SG FORGE is qualified for stable currency issuance under the MICA Act

Source: Aiying Payment Compliance

Circle is not the only stable currency issuer from the electronic and currency institution (EMI) license issued by the French financial regulatory agency ACPR.For details, read Aiying Aiying “The long text analysis of the historical opportunities and starting points of CIRCLE under the MICA Act to issue USDC and EURC qualifications“,Societe Generale, a subsidiary of French Industrial Bank -Forge, also announced that it has obtained a license, and its EurCV stabilizer has been in line with the MICA law that takes effect on June 30regulationEssenceIn addition, SG FORGE received the registration of digital asset service providers (DASP) in September 2022, which made them legal status in terms of digital asset custody, the sale of the legal currency and digital assets, and the exchange services between digital assets.Essence

Aiying Aiying also learned that before, SG FORGE’s Eur Coinvertible (EURCV) stablecoin can only be transferred to the white list address, which is to ensure early security and compliance.With the advancement of technology and regulations, SG FORGE has updated its smart contracts, so that the transfer of stable coins is no longer limited to the white list address.This update is mainly to speed up the settlement speed, enhance security, and expand its application scope on public blockchain.

also,The lifting list limit is also to meet the requirements of MICA regulations, so that EURCV can be used in a wider market, while providing more liquidity and usage scenarios.Through these improvements, SG FORGE hopes to better support the development of encrypted ecosystems, and provide enterprise and financial institution customers with innovative cross -border settlement and payment solutions based on blockchain technologyEssenceHowever, due to policy reasons, US residents still cannot use the stablecoin.In addition, SG FORGE also signed a contract with Wintermute, the latter will be an extra liquidity provider of EURCV stablecoin.It also cooperates with Flowdesk to provide the liquidity of EurCV-Eur and EurCV-USDT (Tether) on the cryptocurrency exchange Bitstamp.

According to Aiying Aiying, as of so far, according to SG FORGE’s announcement and public blockchain data.EurCV’s activities are not many, but it is increased compared to last year.The current EURCV balance is 11.1 million euros, one of which holds 10.3 million euros, and nearly 600,000 euros under the Bitstamp account.

SG-ForgeEURCV Stable Coin White Paper Summary

today,European Central Bank Executive Paineta: The Italian Central Bank will issue a market notice on how to implement the “MICAR” on how to implement the upcoming EU crypto asset regulatory regulations.”MICAR” defines both electronic currency tokens and asset reference tokens (ART) as payment and exchange methodsEssenceAiying Aiying also sorted outForgePublished EUR Coinvertible (Eurcv) White Paper, providing everyone with relatedThe regulatory framework of electronic currency tokens, In -depth understanding of characteristics and operating guidelines.

1. Supervision framework

The White Paper is written in accordance with the Supervision Technology Standard (RTS) project issued by the European Securities and Market Administration (ESMA), and follows the EU Regulations 2023/1114.The content includes:

• Compliance statement: It is confirmed that the white paper is in compliance with EU regulations, and the content is clear, fair and not misleading.

• Investors warn: inform the electronic currency tokens from the protection of investor compensation plans or deposit guarantee plans.

• Rights and obligations: Detailed explanation of the rights of tokens, including the right to redeem and controversial solutions.

2. Token characteristics and issuance

EURCV tokens are classified as classified asElectronic currency tokens under MICA,For the classification, refer to the article “European MICA Act Wanxi Research Report: Comprehensive interpretation of the profound impact on the web3 industry, DEFI, stablecoin and ICO projects“, The issuance price is 1 euro each token, based on the automatic execution code deployed on the Ethereum network.The main features include:

• Non -interest: EURCV will not generate interest or remuneration due to holding time.

• Unlimited distribution: The number of issues of EURCV has no upper limit.

• Redeem right: Token holders can redeem the coin at any time.

3. Distribution information

Société générale-ForgeHe has obtained the authorization of the French prudent supervision and resolutions (ACPR), and is responsible for the issuance of EURCV.The activity of the issuer includes:

• Electronic currency issuance: As an electronic and currency agency, Société Générale -Forge issue and manage digital assets.

• Investment service: The authorized services such as order execution, hosting, and financial instrument management are provided.

4. Public issuance and transaction

EURCV tokens were originally registered on Ethereum network and traded on platforms such as Bitstamp.The white paper details the conditions for public issuance and transactions to ensure transparency and compliance.

5. Risk management and sustainability

The file also covers risk management practice, including:

• Related risks of issuers: Société générale operations that may bring conflicts and regulatory risks.

• Token -related risks: maintaining the mechanism and mortgage clause of the token value.

• Sustainability: Considering environmental impact and sustainability indicators related to underlying technology.

Reference information:

• https://www.ledgerInsights.com/socgen-Forge-AWAWARDED-E- LINEY-LORENSE-FORCV-Stablecoin/

• https://blog.bitstamp.net/post/welcom-eurcv-societe-Gonerale-FORGES- StableCoin/

• https://thefullfx.com/sg-Forge-lists-eur-stablecoin- On-bitstamp/

• https://www.sgForge.com/product/coinvertible/