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Europe 6th Largest Bank Partners with Bitpanda for Euro Stablecoin

Societe Generale, France’s 3rd largest bank and Europe’s 6th, and one of the world’s largest banking groups, has partnered with cryptocurrency platform Bitpanda to advance the use of stablecoins within the global financial system. Their collaboration focuses on Societe Generale’s blockchain subsidiary, Societe Generale-FORGE, and its euro-denominated stablecoin, EUR CoinVertible (EURCV).

Key Step for Stablecoins in Global Finance

Jean-Mark Stenger, CEO of Societe Generale-FORGE, emphasized that this partnership is a crucial step in making stablecoins a fundamental part of the financial landscape. He stated that the collaboration with Bitpanda aims to offer European users a stable, secure, and easily accessible digital currency, moving towards the integration of stablecoins into everyday financial transactions.

Importance of Euro-Based Stablecoins

Bitpanda’s Deputy CEO, Lukas Enzersdorfer-Konrad, pointed out the essential role euro-based stablecoins will play in the future of European crypto. Stablecoins act as a bridge between traditional fiat currencies and digital assets, making it easier for investors to enter the cryptocurrency space. With fully regulated stablecoins, like EUR CoinVertible, this connection can grow stronger, helping increase investor confidence and participation in the market.

Societe Generale’s EUR CoinVertible will soon be available on Bitpanda’s platform, aligning with the upcoming Markets in Crypto-Assets (MiCA) regulations, which will establish a framework for crypto service providers across Europe.

MiCA’s Impact on Crypto Regulation

The Markets in Crypto-Assets (MiCA) bill is set to become the first comprehensive regulatory framework for digital assets within the European Union. MiCA is scheduled to take full effect by December 2024, though experts warn it could face delays due to the complexity of enforcing cross-border regulations.

With MiCA, the EU aims to set clear guidelines for crypto firms and investors, making Europe one of the first regions to have a unified approach to digital assets. Compliance experts, like Hedi Navazan from Crystal Intelligence, emphasize the importance of international cooperation in regulating the evolving crypto landscape.

Preparing for the MiCA Framework

Many crypto firms, including Kraken and Binance, are preparing for MiCA’s full implementation. Kraken recently expanded its European presence by acquiring Coin Meester, the Netherlands’ oldest crypto broker. The MiCA framework is seen as a pivotal moment for crypto regulation, as it will establish consistent rules for crypto assets and foster greater innovation while ensuring market safety.

By partnering with Societe Generale-FORGE, Bitpanda positions itself to play a significant role in this new era of European crypto regulations, offering users a secure and regulated way to invest in stablecoins and digital assets.

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Written by 365Crypto

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