Benzinga - In a significant development, CACEIS, a fundamental asset servicing division of banking behemoths Crédit Agricole and Santander, has received the green light from French regulators to offer cryptocurrency custody services.
As per France's Financial Markets Authority (AMF), CACEIS Bank was registered for this purpose on June 20, which is confirmed on the regulator's website.
What The Crypto Custody Approval Means: CACEIS Bank, a well-established entity serving asset managers including insurers, pension funds and private equity firms, now stands alongside other major traditional finance players such as Societe Generale's Forge and AXA Investment Managers, which have already been acknowledged under Europe’s crypto regulatory structure.
This development comes as the European Union is gearing up to enforce new cryptocurrency licensing regulations, referred to as MiCA, beginning in 2024.
There have been whispers surrounding CACEIS's intention to acquire crypto regulatory status since 2021.
With a staggering 4.6 trillion euros (approximately $5.1 trillion) in assets under custody, this registration represents a monumental leap for CACEIS.
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In France, acquiring registration from AMF is a mandatory step for entities wishing to offer cryptocurrency custody, exchange or trading services.
Notably, Binance (CRYPTO: BNB) is facing scrutiny from French authorities for allegedly offering services in an unauthorized manner before obtaining approval in 2022.
Traditional Bank Move Closer To Crypto: CACEIS's move to secure crypto custody registration is part of a broader trend of traditional financial institutions exhibiting a growing interest in the cryptocurrency sector.
Deutsche Bank (NYSE: DB) recently disclosed its intent to procure a crypto custody license in Germany.
Similarly, BlackRock (NYSE: BLK), the world's most prominent asset manager, recently submitted an application to manage an exchange-traded fund correlated with the price of Bitcoin (CRYPTO: BTC).
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