CACEIS, the asset servicing arm of Crédit Agricole and Santander, has secured registration from French regulators to offer crypto custody services.
CACEIS got registered on June 20 by France’s Financial Markets Authority (AMF), which allows it to join the ranks of other traditional finance firms, like Societe Generale’s Forge and AXA Investment Managers, in operating under Europe’s advanced crypto regulatory framework.
With €4.6 trillion of assets under custody, CACEIS has been seeking this regulatory status since 2021. AMF registration is mandatory for those providing crypto custody, exchange, or trading services in France.
However, the European Central Bank continues to urge banks to maintain high levels of precautionary capital for assets it deems risky, although a regulatory survey from February deemed crypto activities and exposures “insignificant.”
As the crypto industry evolves, greater participation from established financial players signifies growing acceptance and adoption of digital assets.
The registration of CACEIS further strengthens the legitimacy of crypto custody services and reinforces the development of a regulated and secure infrastructure for the burgeoning crypto ecosystem.