- CACEIS Bank is the wealth services arm of Crédit Agricole and Santander.
- The company is registered as a digital asset service provider by the French financial market authorities.
- This approval will allow CACEIS Bank to offer crypto custody services in a regulated environment.
One of the biggest crypto news of the day is that European bank Crédit Agricole and CACEIS Banque, a French banking entity in Santander, have obtained the first French digital asset custody license.
The asset service provider, which holds €4.6 trillion ($5.1 trillion) of assets in custody, has secured its Digital Asset Service Provider (DASP) registration from the French market regulator, the AMF. More about AMF website indicates that CACEIS received PSAN approval on June 20.
according to press release The license, announced Thursday, means it can offer digital asset custody services to a growing number of investment management firms and institutional investors. PSAN is the first milestone of his CACEIS aiming to provide an innovative cryptocurrency custody product.
“In fact, we leverage state-of-the-art technology to provide secure storage of our clients’ private digital keys.said Arnaud Misset, CACEIS Chief Digital Officer.
👏 We are proud of this important achievement. We are currently the administrator of 𝗳𝗶𝗿𝘀𝘁 to obtain PSAN registration in France.
PSAN status will enable CACEIS Bank to offer the following services #digital assets Third Party Storage Services. https://t.co/Ocw2mgKCHF#security services #asset management pic.twitter.com/B2avgDxw4l
— CACEIS (@CACEIS) June 22, 2023
Major Financial Institutions Adopt Cryptocurrencies
With the CACEIS bank registration, the French regulator will step up its approval of cryptocurrency-related services for financial giants such as Societe Generale-owned Forge and AXA Investment Managers.
This comes as several global financial institutions embrace cryptocurrencies, with U.S.-based giant BlackRock igniting inflows with a spot Bitcoin ETF application. That list now includes Fidelity Investments, Deutsche Bank, Vanguard, WisdomTree, Invesco and Schwab.
The French giant’s regulatory milestone comes amid a growing push for regulatory clarity, with the European Union’s MiCA, the most comprehensive to date, expected to come into force in 2024. The UK is in the final stages of passing the Financial Services and Markets Bill (FSMB). ), passed by the House of Lords and the House of Lords this week.
In the United States, the Securities and Exchange Commission (SEC) recently stepped up its crackdown by filing lawsuits against Binance and Coinbase. But with a focus on the industry, experts are optimistic that clarity will soon come.