Europe Strengthens Crypto Regulations as Societe Generale Unveils Stablecoin

In a notable shift within Europe’s cryptocurrency landscape, Societe Generale-FORGE has launched its EUR CoinVertible (EURCV) stablecoin on the Solana blockchain. This initiative, announced on September 20, 2024, aims to foster broader adoption of decentralised applications among both institutional and retail users.

Solana's capability to process thousands of transactions per second, coupled with low fees, makes it an advantageous platform for EURCV. Jean-Marc Stenger, CEO of SG-FORGE, stated that this collaboration will open new opportunities in decentralised finance (DeFi) for a diverse range of users.

Regulatory Crackdown in Germany

Simultaneously, Germany has taken decisive action by shutting down 47 crypto exchanges due to violations related to money laundering. On September 19, 2024, the Federal Criminal Police Office (BKA) and the Central Office for Combating Internet Crime (ZIT) acted against platforms that ignored Know-Your-Customer (KYC) regulations, facilitating anonymous transactions. This crackdown underscores ongoing concerns regarding the potential misuse of cryptocurrencies in cybercrime.

Switzerland's Emerging Crypto Hub

In Switzerland, SIX Group is exploring the establishment of a European crypto trading platform, building on its experience with the AsiaNext crypto derivatives platform in Singapore. Bjørn Sibbern, global head of exchanges, noted that there is increasing demand from banks and institutional investors to enter the crypto market, supported by Switzerland's favourable regulatory environment.

Commerzbank Enters the Market

Commerzbank has also made strides in the crypto sector by offering corporate clients secure access to Bitcoin and Ethereum. In partnership with Crypto Finance, a subsidiary of Deutsche Börse, the bank will provide compliant trading and custody services, having secured a crypto custody licence in 2023. This move addresses the rising demand for regulated digital asset solutions among institutional clients.

Launch of EURe Stablecoin

In a significant advancement, Monerium has introduced the first euro-backed stablecoin, EURe, on the Noble blockchain, which is part of the Cosmos ecosystem. Compliant with MiCA regulations, EURe enables instant euro transfers between blockchain wallets and traditional bank accounts through SEPA, representing a pivotal step for the Cosmos network and enhancing the efficiency of euro transactions across various blockchains.

Conclusion

These developments illustrate how Europe is navigating the evolving crypto landscape, blending technological innovation with stringent regulatory measures to shape the future of blockchain across the continent.