CACEIS Bank secures French crypto custody license, ensuring compliance with strict regulations and positioning itself for European market compliance and growth.
CACEIS Bank, the asset servicing division of well-known European banks Crédit Agricole and Santander, has successfully secured a crypto custody licence in France, according to the official website of France’s financial regulator. The licence, issued by the Financial Markets Authority (AMF) on June 20, is CACEIS Bank’s official registration as a supplier of “digital asset custody” services and confirms that it is now authorised to transact in digital assets.
AMF Checks And Stricter Regulations: CACEIS Bank’s Timely Registration And Compliance In The Crypto Custody Landscape
The AMF conducts several checks on companies seeking licenses, including evaluations of managerial competence, beneficial ownership, and compliance with anti-money laundering (AML) and terrorist financing regulations. Among other firms holding similar licenses in France is Binance, which received authorization in May 2022 to offer services such as digital asset exchange, custody, fiat-to-crypto, and crypto-to-crypto trading.
Just in time for France to enact tighter rules for companies that provide services for digital assets in July, CACEIS Bank was able to finish its regulator registration.Service providers will have to tighten their anti-money laundering (AML) controls in response to these new requirements, ensure that customer funds are kept separate, and offer more detailed information on possible hazards and conflicts of interest.
EU’s MiCA Compliance And Market Reach: CACEIS Bank’s Crypto Custody Entry And Impressive Asset Holdings
France is a member of the European Union, therefore under the impending Markets in Crypto-Assets (MiCA) regulations, which are anticipated to take effect in the second half of 2024, crypto businesses registered with the nation’s authority are automatically regarded as authorised. Large institutions like asset managers, pension funds, private equity firms, and insurance companies are the main clients of CACEIS Bank.
The bank has not yet commented on its move into cryptocurrency custody, and it is yet unknown exactly what its new services would entail or who they are intended for. The assets under custody and management at CACEIS Bank as of the end of 2021 totaled €4.6 trillion ($5.06 trillion) and €2.4 trillion ($2.6 trillion), respectively.