CACEIS finally gets the authority to offer crypto custody services after trying to do so since 2021.
According to Reuters, CACIES, a Paris-based asset servicing bank that is part of Crédit Agricole and Santander, has been permitted to provide custody services in the cryptocurrency sector by the French Financial Markets Authority (AMF).
CACIES is now listed as one of the digital asset service providers on the AMF website, with its crypto custody request being granted on June 20.
With assets under management worth approximately $5.1 trillion, the bank’s customer base is spread across private equity, pension funds, and insurers.
CACIES has tried to get the crypto custody license in vain since 2021. Therefore, the current development is a sigh of relief for the bank because any entity wishing to dispense crypto custody on French soil has to be registered and approved by the AMF.
France’s crypto regulatory structure is deemed one of Europe’s most robust and advanced. Therefore, this is a big win for CACEIS because it joins other finance players, such as AXA Investment Managers and Societe Generale’s Forge, in getting the crypto license.
It seems it’s a race against time as more traditional financial players continue eyeing the crypto sector. For instance, Deutsche Bank recently applied for a crypto custody service license with the German financial watchdog to expand its income base.
Therefore, the entry of traditional banks like CACIES in the digital asset space is a welcome move because it will spur confidence and attract more players.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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