Credit Agricole’s CACEIS, a leading financial services group, has officially registered as a digital asset service provider (DASP) in France.
This move solidifies the company’s entry into the cryptocurrency custody services market and highlights France’s growing support for the crypto industry.
The Autorité des Marchés Financiers (AMF), the French financial watchdog, has witnessed a steady rise in the number of crypto companies seeking registration, with CACEIS joining the ranks of prominent players.
France has been at the forefront of embracing the nascent cryptocurrency sector, demonstrating its progressive stance.
It notably became the first major European country to grant registration to Binance, the world’s largest cryptocurrency exchange.
The registration of subsidiaries from prominent names in French finance, including Societe Generale and AXA, further underscores the country’s commitment to fostering a favorable environment for crypto-related activities.
CACEIS, which boasted an impressive 4.1 trillion euros ($4.51 trillion) in assets under custody by the end of last year, has Credit Agricole SA as its majority owner, holding a 69.5% stake, while Santander possesses a 30.5% stake in the group.
This influential backing coupled with its new DASP status positions CACEIS as a formidable player in the cryptocurrency custody services space.
The registration of CACEIS as a DASP signifies an important milestone for the company and the broader financial industry.
As digital assets gain mainstream recognition, traditional financial institutions are recognizing the need to adapt and expand their service offerings to cater to the growing demand.
By venturing into crypto custody services, CACEIS aligns itself with the evolving financial landscape and positions itself to meet the needs of institutional and individual clients seeking secure and regulated crypto asset storage.
As the crypto market continues to mature, the involvement of established financial institutions brings increased credibility and stability to the industry.
It instills confidence in potential investors and paves the way for further integration of cryptocurrencies into the mainstream economy.
With its extensive experience and substantial assets under custody, CACEIS is well positioned to play a significant role in shaping the future of the crypto custody services sector.
In conclusion, Credit Agricole’s CACEIS has registered as a digital asset service provider in France, joining the expanding list of crypto companies approved by the AMF.
This strategic move demonstrates the institution’s commitment to embracing digital assets and providing secure custody solutions for the growing crypto market.
By leveraging its substantial assets under custody and the support of its majority owner, Credit Agricole SA, CACEIS is poised to become a key player in the evolving landscape of cryptocurrency custody services.
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