French Asset Manager CACEIS Registers with the AMF
- CACEIS joins a growing list of financial institutions to signal interest in offering crypto-based services.
- France has supported the crypto industry over the past few months and is the first significant European nation to register Binance.
- Crypto service providers are required to register with the AMF before offering their services in France.
CACEIS Bank, an asset servicing firm run by Credit Agricole and Santander, has reportedly received a license from the French market regulator AMF to offer custody services for digital assets like cryptocurrency.
CACEIS provides a wide range of financial services for asset managers, pension funds, real estate funds, brokers, and insurance firms. Some of these services range from clearing and fund administration to middle-office outsourcing. CACEIS will store its users’ private keys following its registration to provide crypto custody services.
Reports claim that CACEIS, which has 4.6 trillion euros ($5.1 trillion) in assets under custody, has been interested in getting crypto regulatory status in France since 2021. French laws for such service providers require that they register with the AMF.
Companies that violate this policy are often banned from providing their services in France. Recently, French authorities revealed that Binance might have violated French laws by operating illegally in the past and are currently being investigated.
Crypto activities surges in France
France is fast becoming a go-to spot for crypto companies due to its clear operational guidelines. However, digital asset service providers will face stricter policies in July.
French lawmakers are set to implement a new policy next month that imposes stricter anti-money laundering requirements on digital asset businesses, requiring them to separate customer cash and make more thorough disclosures about risks and conflicts of interest.
However, CACEIS and over 60 crypto businesses registered with the AMF are spared from the new rules. Companies, such as Binance, that are registered with the AMF will be governed by the Markets in Crypto-Assets (MiCA) regulation, which takes effect in 2024.
Meanwhile, traditional finance companies are showing increased interest in embracing the cryptocurrency market. CACEIS’s registration in France comes days after asset management company BlackRock filed an application to run an exchange-traded fund that would be based on the price of bitcoin (BTC). Earlier this week, Deutsche Bank announced that it was looking to obtain a crypto custody license in Germany.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
