CACEIS Bank, the asset servicing arm of Santander and Crédit Agricole, has been granted a crypto custody license by the Autorité des Marchés Financiers (AMF), France’s stock market regulator.
As a crypto custodian, CACEIS will store users’ private keys, increasing security for institutional clients. CACEIS claims to be a European leader in asset servicing, with €4.6tn ($5.06tn) in assets under custody as of December 2021, and €2.4tn ($2.6tn) in assets under management.
The timing of CACEIS’ registration allowed it to avoid new, stricter regulations that would take effect in July 2023, for digital assets providers in France. These regulations demand firms comply with tighter Anti-Money Laundering measures and provide more detailed disclosures about risks and conflicts of interest.
The AMF-registered crypto companies, including Binance, will be governed by the European Union’s Markets in Crypto-Assets (MiCA) legislation that comes into effect next year.
France tightens rules on crypto businesses
France has recently tightened rules on crypto businesses, including restricting local crypto companies from using influencer marketing, with penalties for failure to comply including up to two years imprisonment, €300,000 ($328,000) fine, and the possibility of an influencer ban.