CACEIS, a subsidiary of Crédit Agricole and the asset servicing branch of Santander, has obtained regulatory approval from French authorities to offer cryptocurrency custody services. The bank has registered with the French Financial Markets Authority (AMF), and this move comes within the advanced regulatory framework in France. CACEIS joins other companies in providing asset custody services, such as Societe Generale’s Forge and AXA Investment Managers.
This comes at a time when the European Union is preparing to impose new rules for cryptocurrencies in 2024. CACEIS holds significant amounts of assets under custody and management, with 69.5% owned by Crédit Agricole and 30.5% by Banco Santander.
CACEIS has developed a solution for cryptocurrency custody, aiming to meet various client needs. Any company providing services related to cryptocurrencies must register with the French Financial Markets Authority for such services in France.