Financial giant CACEIS to offer cryptocurrency custody services in France

Meeting growing demand

CACEIS, owned by French financial giant Crédit Agricole and Spanish bank giant Santander, today announced that its banking arm, CACEIS Bank, has registered as a business to provide custody services for digital assets in France. bottom.

The date of registration with the French Financial Markets Authority (AMF), the regulator, is the 20th. According to the announcement, the business registration will enable the company to provide custody services for digital assets to third parties, enabling it to meet the growing demand among investment management firms and institutional investors.

CACEIS is a company owned 69.5% by Crédit Agricole and 30.5% by Santander. Its strength lies in its solid IT infrastructure, and the website explains that it provides banking services for all assets. Services are provided and supported by institutional investors such as pension funds, asset management companies, and brokers. CACEIS Bank is a group company of CACEIS.

The announcement explained that it will provide digital assets with the same level of security as traditional assets. This registration marks the first milestone in digital asset custody services.

CACEIS Senior Advisor commented:

Handling of virtual currency

This announcement consistently uses the term “digital assets,” but the AMF website states that “companies that provide crypto asset (virtual currency) services must register with the AMF.” It is written. For example, Binance completed its registration with the AMF in May last year. CACEIS Bank is also expected to offer custody services, including cryptocurrencies.

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It was already reported in 2021 that CACEIS planned to offer custody services for cryptocurrencies, according to sources. At the time, one of the sources said, “We are considering not only custody, but also comprehensive services.”

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As of the end of 2022, CACEIS as a whole holds approximately ¥640 trillion (€4.1 trillion) in custody through custody services.

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