CACEIS, the asset servicing business jointly owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has officially registered with France’s markets regulator AMF to offer custody services for digital assets, including cryptocurrencies.
Consequently, this strategic step solidifies its position in the rapidly expanding cryptocurrency industry in France.
Supportive Regulatory Environment in France
France has not only been actively supportive of the emerging cryptocurrency industry, but has also positioned itself as a leader in crypto-friendly regulations.
Additionally, it achieved a significant milestone by becoming the first major European country to grant registration to Binance. Now, with the recent registration of CACEIS as a digital asset service provider (DASP), a major traditional financial services group has joined the ranks.
Prominent Financial Players Embracing Digital Assets
The registration of CACEIS adds to the list of notable players in French finance venturing into the realm of digital assets. Other renowned entities such as Societe Generale and AXA have also registered as digital asset service providers (DASPs) with AMF.
Further, this trend highlights the growing acceptance and recognition of cryptocurrencies and digital assets within the traditional financial sector.
CACEIS Boasts Of Impressive Asset Custody and Ownership Structure
CACEIS boasts an impressive 4.1 trillion euros ($4.51 trillion) in assets under custody as of the previous year-end. In addition, this reinforces its position as a leading asset servicing business.
The majority ownership of 69.5% by Credit Agricole SA, with Santander holding a 30.5% stake, further enhances the credibility and stability of CACEIS in the digital asset custody space.