CACEIS Approved to Provide Crypto Custody Services in France

• CACEIS has registered with the French market regulator, AMF.
• Financial companies have continuously shown interest in the crypto market.

The crypto market has witnessed significant growth in recent years and has captured the attention of non-crypto institutions and banks. It leads to an increase in mainstream adoption of the crypto market. CACEIS, the asset-servicing banking group of Credit Agricole and Santander, has registered with the French market regulator AMF to offer cryptocurrency custody services. 

On June 20, CACEIS Bank was registered with France’s Financial Markets Authority (AMF) to provide custody services for digital assets, such as cryptocurrencies. The bank offers services to asset managers, including insurers, pension funds, and private equity. 

CACEIS Joins the Ranks of Regulated Crypto Custodians

Traditional financial institutions are looking forward to utilizing the benefits and opportunities offered by cryptocurrencies and blockchain technology. CACEIS’s strategic decision not only marks a pivotal milestone but also highlights the broader financial industry’s increasing recognition of the potential of digital assets. 

CACEIS joins other traditional financial institutions recognized under one of the most advanced crypto regulatory frameworks, such as Societe Generale’s Forge and AXA Investment Managers. These other French finance companies are listed among the DASPs registered with the AMF. 

According to the reports, CACEIS had 4.6 trillion euros in assets under its custody at the end of last year. Moreover, Credit Agricole SA is its major shareholder, with a 69.5% stake. At the same time, Santander holds 30.5% of the group.

Registration with the French market regulator, AMF, is compulsory to provide crypto custody services, exchanges, or trading services in France. There is a rumor that CACEIS has been seeking crypto-regulatory status since 2021. However, CACEIS declined to comment on its crypto plans and stated that the bank is looking for something that is broad and meets many requirements rather than simply addressing the custody service at that time. 

Moreover, the world’s largest crypto exchange, Binance, is under investigation by the AMF. The exchange has been accused of illegally providing the services before it got approved by the French regulators. 

The Rise of Digital Assets in the Financial Landscape

The emergence of cryptocurrencies has sparked a global revolution in the financial landscape. Digital assets gain wider adoption and recognition as financial institutions seek innovative ways to manage them. In recent days, the mainstream adoption of cryptocurrencies has experienced a massive increase. 

Financial companies have continuously shown their interest in integrating with the crypto market. Earlier this week, the German-based Deutsche Bank revealed that it was seeking a crypto custody license in Germany. Moreover, BlackRock, the largest asset manager in the world, recently applied to operate an exchange-traded fund that would be based on the price of bitcoin (BTC). 

The continuous recognition from non-crypto institutions and banks shows the massive growth of the crypto market. Recently, the U.S. Securities and Exchange Commission’s continuous lawsuit against the major crypto exchanges had a huge impact on the crypto market. However, the integration by the non-crypto institution has boosted the crypto market and investor confidence in the crypto market. This leads the world’s largest cryptocurrency, Bitcoin, to cross the $30K mark for the second time this year.