CACEIS, the asset servicing division of renowned banking giants Crédit Agricole and Santander, has obtained registration from French regulators to offer crypto custody services. The Financial Markets Authority (AMF) confirmed CACEIS Bank’s registration, making it part of a select group of traditional finance firms operating under Europe’s advanced crypto regulatory framework. As the European Union prepares for new crypto licensing rules in 2024, CACEIS joins Societe Generale’s Forge and AXA Investment Managers in positioning itself at the forefront of the evolving crypto landscape.
CACEIS Bank, the asset servicing arm of Crédit Agricole and Santander, has achieved a significant milestone in the crypto industry. It has been registered by France’s Financial Markets Authority (AMF) to offer crypto custody services, as disclosed on the regulator’s website.
This development solidifies CACEIS as one of the leading traditional finance firms embracing the crypto revolution. The company, which provides services to asset managers including insurers, pension funds, and private equity firms, has been rumored to be pursuing crypto regulatory status since 2021.
The registration with the AMF is mandatory for entities offering crypto custody, exchange, or trading services in France. Notably, this move comes as Binance, the world’s largest cryptocurrency exchange, faces an investigation by French authorities for allegedly providing services without proper approval until 2022.
CACEIS’s inclusion in the approved custodian roster highlights France’s progressive stance on crypto regulation. This achievement aligns with the upcoming implementation of new crypto licensing rules, known as MiCA, by the European Union in 2024. By positioning itself within this advanced regulatory framework, CACEIS demonstrates its commitment to embracing the evolving crypto landscape while adhering to compliance standards.
With a colossal 4.6 trillion euros ($5.1 trillion) of assets under custody, CACEIS further strengthens its position as a trusted custodian in the financial industry. This entry into the crypto custody sector signifies the company’s recognition of the growing demand for secure storage solutions for digital assets.
CACEIS joins a growing list of traditional financial institutions that are venturing into the crypto space. Just this week, Deutsche Bank announced its pursuit of a crypto custody license in Germany, while BlackRock, the world’s largest asset manager, recently filed for permission to operate a bitcoin-linked exchange-traded fund (ETF).
As the crypto market matures, regulatory bodies like the European Central Bank are urging banks to maintain high levels of precautionary capital for risky assets. However, a survey conducted by the ECB in February stated that crypto activities and exposures were deemed “insignificant.”
CACEIS’s successful registration with the French regulator for crypto custody services showcases its commitment to innovation and embracing the evolving crypto landscape. By securing a spot among the approved custodians, CACEIS joins the ranks of traditional finance players recognizing the immense potential of cryptocurrencies. As the European Union prepares for new crypto licensing rules, CACEIS’s early adoption of regulatory compliance positions it as a key player in providing secure and compliant custody solutions. With more financial institutions venturing into the crypto space, the industry matures and gains recognition within the traditional financial landscape.
Source: https://bitcoinworld.co.in/credit-agricoles-caceis-gains-crypto-custody-registration-in-france/