CACEIS, the asset servicing division of major banks Crédit Agricole and Santander, has obtained regulatory approval from French authorities to offer crypto custody services. On Tuesday, June 20, CACEIS Bank was officially registered by France’s Financial Markets Authority (AMF), as stated on the regulator’s website. This achievement places CACEIS alongside other established financial institutions such as Societe Generale’s Forge and AXA Investment Managers, all operating within one of Europe’s most progressive crypto regulatory frameworks. The European Union is set to introduce new crypto licensing regulations called MiCA in 2024.
Rumors about CACEIS seeking crypto regulatory status had been circulating since 2021. In France, registration with the AMF is mandatory for entities providing crypto custody, exchange, or trading services. Notably, Binance, the largest cryptocurrency exchange globally, is currently under investigation by French authorities for allegedly offering services illegally before obtaining approval in 2022.
This recent development reflects a growing trend of traditional finance companies expressing interest in venturing into the crypto sphere. Just days before, Deutsche Bank announced its pursuit of a crypto custody license in Germany. Additionally, BlackRock, the world’s largest asset manager, recently filed for permission to operate an exchange-traded fund tied to the price of bitcoin (BTC). These moves underscore the increasing convergence between traditional finance and the world of cryptocurrencies.