The partnership between Societe Generale and Bitpanda comes ahead of the implementation of the Markets in Crypto-Assets (MiCA) rules.
In a bid to advance its ambition of incorporating crypto and stablecoins into the global financial system, Societe Generale may have entered into a partnership with Bitpanda. The global banking conglomerate Societe Generale will work with Bitpanda via its blockchain subsidiary, Societe Generale-FORGE. The primary aim of this new partnership, however, is to fast-track the mainstream adoption of the group’s euro-denominated stablecoin EUR CoinVertible (EURCV).
Societe Generale Stablecoin Goals
Speaking about the partnership, Jean-Mark Stenger, CEO of Societe Generale-FORGE, noted that it is an all-important step towards achieving the group’s vision for the wider financial system. That is a global financial system that stablecoins will be a key component of. Stenger’s statement about the partnership reads in part:
“Together with Bitpanda, we are confident in our ability to offer European users a stable, secure, and accessible digital currency.”
Meanwhile, it might be worth noting that the partnership comes well in time ahead of the implementation of the Markets in Crypto-Assets (MiCA) rules. The regulatory framework was designed as a comprehensive and harmonious rule to keep the entire crypto industry in Europe in check and is set to take full effect by December 30.
In view of this, Societe Generale’s new stablecoin will be MiCA-compliant and will list on the Bitpanda trading platform for European investors.
According to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, there is no gainsaying that the European crypto industry is gradually shaping up already. However, Euro-based stablecoins are expected to play a major role in the future that lies ahead. He wrote:
“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins are the bridge that will make it possible.”
Konrad reaffirmed that Bitpanda will work with Societe Generale-FORGE to bring that future one step closer.
Considerations for MiCA Regulation
As mentioned earlier, the time for MiCA regulations to take effect is fast closing in. Therefore, crypto firms in Europe are fine-tuning their strategies so as to stay compliant. For instance, crypto bank Sygnum recently bagged the CASP license via its Liechtenstein arm as part of its European expansion plan. The feat by the digital asset bank was particularly impressive given that it is headquartered in Switzerland, a region not one of the 27 member states of the European Union (EU).
Similarly, the Kraken exchange also acquired the Dutch-based crypto broker firm, Coin Meester (BCM), as its own expansion strategy.
For what it’s worth, the upcoming MiCA bill is set to make the European Union the first jurisdiction with a uniform regulatory framework on digital assets.
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