CACEIS Bank, the asset services arm of Crédit Agricole and Santander, has received a cryptocurrency license in France, according to the regulator’s website on June 20.
CACEIS claims to be a European leader in asset management, offering services ranging from clearing and fund administration to middle office outsourcing for asset managers, insurance companies, stockbrokers, pensions and real estate funds, among other clients. . As the custodian of crypto assets, CACEIS will store the private keys of the users, thus increasing the security of institutional clients.
According to the bank’s website, CACEIS had 4.6 trillion euros ($5.06 trillion) in assets under custody as of December 2021, while assets under management stood at 2.4 trillion euros ($2.6 trillion).
The French stock market regulator, the Autorité des Marchés Financiers (AMF), requires companies planning to offer custody services to apply for registration. Other cryptocurrency companies, including digital asset trading platforms, are also subject to the registration requirement.
The timing of the CACEIS registration allowed the company to avoid a new, stricter regulation. A new set of rules for digital asset providers in France will come into force in July, requiring companies to comply with stricter anti-money laundering measures, such as ensuring the segregation of customer funds and providing more information on risks and conflicts of interest.
These new rules do not apply to CACEIS or to the more than 60 crypto companies registered with the AMF. The companies registered with the AMF will be governed by the legislation of the European Union; Markets in Crypto-Assets (MiCA), which will come into force next year.
Among the companies registered with the AMF is Binance. According to a note published in the French newspaper Le Monde, the local branch of Binance has been the subject of a preliminary investigation since 2022. The exchange allegedly failed to comply with Know Your Customer procedures and possibly engaged in money laundering activities, according to the Paris prosecutor’s office.
France has been tightening the rules on crypto companies[inrecentmonths[enlosúltimosmeses One of the most recent developments is a bill that restricts local crypto companies from using influencers to promote their services. Penalties for breaking the law include up to two years in prison and a fine of 300,000 euros ($328,000), with the possibility of action against the influencer as well.
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