CACEIS, the asset service arm of banking giants Credit Agricole and Santander, has been licensed for crypto custody by French regulators.
According to the regulator’s website, CACEIS Bank, which serves asset managers such as insurers, pension funds and private equity, is in France as of Tuesday 20 June. Financial Markets Authority (AMF)registered by.
Traditional Finance Firms Step into the Crypto Industry
European Union from 2024 MiCAAs we prepare to implement new crypto licensing rules known as Societe GeneraleAnd AXA InvestmentOther traditional finance firms, such as , are participating in recognition under one of the most advanced crypto regulatory frameworks in Europe.
With $5.1 trillion in assets under management CACEIS It is stated that it is aiming for crypto regulatory status since 2021. For those providing crypto custody, clearing or trading services in France AMF Registration is mandatory. The world’s largest crypto exchange Binanceis currently under investigation by the French authorities for allegedly serving illegally before getting approval in 2022.
This step taken by CACEIS is the last move of traditional financial companies that are interested in entering the crypto market.
earlier this week Deutsche Bankannounced that it is seeking a crypto custody license in Germany and is the world’s largest asset manager. BlackRock Last week, it applied to run an exchange-traded fund tied to the Bitcoin price. The European Central Bank has asked banks to hold high levels of prudential capital for assets it deems risky, but a survey released by the regulator in February found the risks of crypto activities to be insignificant.
