CACEIS Approved For Crypto Custody Services In France Follows Traditional Banks

Key Points:

• CACEIS, the asset servicing subsidiary of Crédit Agricole and Santander, has been approved to offer crypto custody services in France.
• The bank was registered with France’s Financial Markets Authority on June 20.
• The move is part of a larger trend of established banking firms entering the crypto market.

French authorities have approved CACEIS, the asset servicing subsidiary of Crédit Agricole and Santander, to offer crypto custody services.

According to the website of France’s Financial Markets Authority (AMF), CACEIS Bank was registered on Tuesday, June 20.

CACEIS is Crédit Agricole and Santander’s asset servicing banking group, focused on asset managers, insurance companies, pension funds, banks, private equity and real estate funds, brokers, and corporate customers. The bank now has 4.6 trillion euros ($5.1 trillion) in assets and has been speculated to be pursuing crypto regulatory status since 2021.

CACEIS Bank joins other conventional banking businesses, such as Societe Generale’s Forge and AXA Investment Managers, in being recognized under one of Europe’s most sophisticated crypto regulatory regimes as the European Union prepares to implement new crypto licensing requirements known as MiCA beginning in 2024.

The move is the latest in a string of moves by established banking firms to enter the crypto market. Deutsche Bank said earlier this week that it was pursuing a crypto custody license in Germany.

Meanwhile, BlackRock, the world’s biggest asset management, applied last week to run an exchange-traded fund tied to the price of Bitcoin (BTC). Several asset management firms, including Invesco, WisdomTree, and Bitwise, have recently registered for spot Bitcoin ETFs. Such filings come after BlackRock’s application. Fidelity and Fidelity Digital Assets are both thought to be seeking a spot in Bitcoin ETF, however, this has not been confirmed, and neither company has filed.

Anybody offering crypto custody, exchange, or trading services in France must register with the AMF. In general, France is welcoming to cryptocurrency enterprises, although not all organizations are. Binance is being investigated for illicit customer canvassing and money laundering, the latest in a string of setbacks for the world’s biggest crypto exchange. According to the prosecutor’s office, the inquiry is about the unlicensed practice of the profession of virtual assets service provider and aggravated money laundering.

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Harold

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