White & Case advises SG-Forge on transformative updates to EUR CoinVertible stablecoin under European MiCA Regulation

Global law firm White & Case LLP has advised Societe Generale-FORGE (SG-Forge), an integrated and regulated subsidiary of Societe Generale, on conducting transformative updates to its EUR CoinVertible (EURCV) stablecoin in compliance with the European Markets in Crypto-assets (MiCA) Regulation, which is now in force and applies to all stablecoin issuances and offerings in the European Union.

"We are proud to have advised SG-Forge, as one of the very first in Europe and within the deadlines set by the new MiCA Regulation, on obtaining its licensing as an EMI by the ACPR," said White & Case partners Emilie Rogey and Grégoire Karila, who co-led the Firm's deal team.

Effective July 1, 2024, SG-Forge has obtained its license as an electronic money institution (EMI) with the French Autorité de contrôle prudentiel et de résolution (ACPR), restructured its stablecoin into an Electronic-Money Token (EMT) in full compliance with the EU MiCA regulation and allowed free transferability without whitelisting restrictions.

White & Case previously advised SG-FORGE on the launch of EUR CoinVertible, the first euro stablecoin launched by a regulated player on a public blockchain, in April 2023.

The White & Case team in Paris which advised on the transaction was led by partners Emilie Rogey and Grégoire Karila and included associates Mailis Pachebat and Paul-Grégoire Longrois. The team worked in close cooperation with Annabelle Bernal, SG-Forge General Counsel, Charles-Antoine Michallet, Financial Engineer, and the SG-Forge team.

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