- According to the editor’s website, the asset service bank was registered by the French Financial Markets Authority (AMF) on Tuesday, June 20.
- This news came as the EU prepares to implement new crypto licensing rules known as MiCA, which will open its doors for registration in 2024.
- Sources had claimed that CACEIS was in the process of creating a cryptocurrency custody solution.
Crypto competition among institutions has begun; French banking institution obtains license to offer crypto custody services.
Crédit Agricole Obtains Crypto License in France
Crédit Agricole, the third largest bank in Europe and the world’s largest cooperative financial institution, and CACEIS, the asset services unit of Santander, based in France, have been granted permission by French regulators to offer crypto custody services.
According to the editor’s website, the asset service bank was registered by the French Financial Markets Authority (AMF) on Tuesday, June 20. The news was first reported by COINOTAG.
Crédit Agricole, the world’s largest cooperative financial institution based in France, has obtained a license to offer #cryptocurrency custody services in France.
— CO NEWS (@coinotag) June 22, 2023
France is considered one of the countries with the most advanced regulatory framework in Europe, and CACEIS joins other traditional financial companies registered in the country, such as Societe Generale’s Forge and AXA Investment Managers.
This news came as the EU prepares to implement new crypto licensing rules known as MiCA, which will open its doors for registration in 2024.
According to data from December 2021, CACEIS has €4.6 trillion ($5.06 trillion) in custody services and €2.4 trillion ($2.64 trillion) in asset management services. Additionally, Crédit Agricole holds a 69.5% stake and Banco Santander holds a 30.5% stake in the company.
Creating a Crypto Custody Solution
Sources had claimed that CACEIS was in the process of creating a cryptocurrency custody solution.
In 2021, a source said, “CACEIS is looking for something highly integrated and not just something that handles the custody part, but something that meets comprehensive and diverse needs.”
Registration with the AMF is necessary for services related to crypto in France, such as custody, exchange, or trading services.
Binance, the world’s largest cryptocurrency exchange, has been accused by French authorities of offering unauthorized services prior to its 2022 authorization and is currently.
