Source: Aiying Payment Compliance
Circle is not the only stablecoin issuer to have obtained an Electronic Money Institution (EMI) license from the French financial regulator ACPR. For more information, please read Aiying's "Long text analysis of Circle's historical opportunity and starting point for issuing USDC and EURC in compliance with the MiCA Act", Societe Generale – Forge, a subsidiary of Societe Generale, also announced that it had obtained a license, and its EURCV stablecoin has complied with the MiCA regulations that came into effect on June 30. In addition, SG Forge obtained the registration of a digital asset service provider (DASP) as early as September 2022, which gave them a legal status in digital asset custody, the sale and purchase of fiat currencies and digital assets, and the exchange services between digital assets.
Aiying Aiying also learned that before, SG Forge's EUR CoinVertible (EURCV) stablecoin could only be transferred to whitelisted addresses, which was 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 stablecoins is no longer limited to whitelisted addresses. This update is mainly to speed up settlement, enhance security, and expand its application scope on public blockchains.
In addition, the removal of whitelist restrictions is also to comply with the requirements of MiCA regulations, enabling EURCV to 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 the crypto ecosystem and provide innovative cross-border settlement and payment solutions based on blockchain technology to corporate and financial institution customers. However, due to policy reasons, US residents are still unable to use the stablecoin. In addition, SG Forge has signed a contract with Wintermute, which will serve as an additional liquidity provider for the EURCV stablecoin. It also cooperated with Flowdesk to provide liquidity for EURCV-EUR and EURCV-USDT (Tether) trading pairs on the cryptocurrency exchange Bitstamp.
According to Aiying, so far, according to SG Forge's announcement and public blockchain data. EURCV's activities are not much, but they have increased compared to last year. The current EURCV balance is 11.1 million euros, one of the wallets holds 10.3 million euros, and there are nearly 600,000 euros in the Bitstamp account.
SG-ForgeEURCV Stablecoin White Paper Summary
Today, ECB Executive Committee Member Panetta: The Bank of Italy will issue a market notice on how to implement the upcoming EU crypto asset regulation "MICAR" in the next few days. "MICAR" defines both electronic money tokens (EMT) and asset reference tokens (ART) as means of payment and exchange. Aiying also sorted out the EUR CoinVertible (EURCV) white paper published by FORGE to provide you with an in-depth understanding of the regulatory framework, characteristics and operating guidelines of electronic currency tokens.
1. Regulatory framework
The white paper was prepared in accordance with the Regulatory Technical Standards (RTS) project issued by the European Securities and Markets Authority (ESMA) and complies with EU Regulation 2023/1114. Contents include:
Compliance Statement: Confirms that the white paper complies with EU regulations and the content is clear, fair and not misleading.
Investor Warning: Inform that electronic currency tokens are not protected by investor compensation schemes or deposit guarantee schemes.
Rights and Obligations: Detailed description of the rights of token holders, including redemption rights and dispute resolution mechanisms.
2. Token Features and Issuance
EURCV tokens are classified as electronic currency tokens under MiCA. For more information about the classification, please refer to Aiying's previous article "European MiCA Act 10,000 Words Research Report: Comprehensive Interpretation of the Far-reaching Impact on the Web3 Industry, DeFi, Stable Coins and ICO Projects", with an issue price of 1 euro per token, based on the self-executing code deployed on the Ethereum network. The main features include:
No interest: EURCV will not generate interest or remuneration due to holding time.
Unlimited issuance: There is no upper limit on the number of EURCVs that can be issued.
Redemption rights: Token holders can redeem tokens at par at any time.
3. Issuer information
Société Générale -FORGE is authorized by the French Prudential Supervision and Resolution Authority (ACPR) to issue EURCVs. Issuer activities include:
Electronic money issuance: As an electronic money institution, Société Générale - FORGE issues and manages digital assets.
Investment services: Authorized to provide services such as order execution, custody and financial instrument management.
4. Public offering and trading
EURCV tokens were initially registered on the Ethereum network and traded on platforms such as Bitstamp. The white paper details the conditions for public offering and trading, ensuring transparency and compliance.
5. Risk management and sustainability
The document also covers risk management practices, including:
Issuer-related risks: Conflicts of interest and regulatory risks that may arise from Société Générale’s operations.
Token-related risks: Mechanisms and collateral terms to keep the value of tokens stable.
Sustainability: Environmental impacts and sustainability indicators related to the underlying technology are taken into account.
Reference Information:
https://www.ledgerinsights.com/socgen-forge-awarded-e-money-license-for-eurcv-stablecoin/
https://blog.bitstamp.net/post/welcome-eurcv-societe-generale-forges-stablecoin/
https://thefullfx.com/sg-forge-lists-eur-stablecoin-on-bitstamp/
https://www.sgforge.com/product/coinvertible/
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