$5 Trillion Asset Manager CACEIS Plans To Offer Crypto Custody Services• June 27, 2023 11:01 pm • Comments
More and more multi-trillion asset managers around the world are now getting involved with the crypto space these days.
Most recently, the $5 trillion French asset manager, CACEIS, announced that it has intentions to offer crypto custody services for its customers.
This is significant news because this indicates that many institutional clients are looking for a safe way to store their crypto.
In other words, this is quite a bullish sign for the industry in general and the firm has already revealed that it has registered with France’s AMF to get approval to provide this service.
All of this is happening despite the regulation obstacles that the digital assets industry has been facing within the United States.
French Financial Markets Authority (AMF)-registered asset manager CACEIS Bank offers #crypto custody services. The EU's 2024 MiCA laws require this registration. CACEIS has reportedly sought #crypto regulatory certification from 2021. pic.twitter.com/QbEDwWIuXH
— John Doe (@johnbcdoe) June 23, 2023
The digital asset industry has seen its regulation problems abound in recent weeks, specifically in the United States.
Moreover, unclear regulation has seen large exchanges like Binance and Coinbase suffer from enforcement action.
Conversely, other countries have embraced clear regulation, with one European nation registering a behemoth in the traditional finance sector.
Indeed, the French Asset Manager, CACEIS, has officially registered to offer crypto custody services in the country. Subsequently, the move follows previous action by the country that has encouraged the development of the industry. Specifically, becoming the first European nation to register the cryptocurrency exchange Binance.
CACEIS joins French finance juggernauts like Societe Generale and AXA as DASP-registered firms.
In France, the AMF basically grants the DASP registration for companies that want to get involved in the digital assets industry.
It is positive news that there is a system in place to let crypto-related companies operate, but some also are concerned if it will ever get too restrictive.
With that being said, it provides clear regulatory standards that crypto companies need to operate on which is something that is still lacking for crypto companies within the United States.
With more and more companies providing crypto custody services, it makes it easier for institutional investors to get involved thus increasing the amount of new capital entering the industry.
— Daily Finance (@Dailyfinance24) June 22, 2023
Registration with the AMF is compulsory for those providing crypto custody, exchange or trading services in France.
Binance, the world’s biggest crypto exchange, is currently under investigation by the French authorities for allegedly illegally providing services before it received approval in 2022.
The move is the latest in a series of traditional finance companies to show an interest in moving into the crypto space. Earlier this week, Deutsche Bank revealed it was seeking a crypto custody license in Germany, and the world’s largest asset manager BlackRock last week filed to operate an exchange-traded fund linked to the price of bitcoin (BTC).
The European Central Bank has asked banks to hold high levels of precautionary capital for holdings it deems as risky, though a survey published by the regulator in February said crypto activities and exposures were “insignificant.”
JUST IN: 🇫🇷 $5 trillion French asset manager CACEIS to offer #crypto custody services.
— Watcher.Guru (@WatcherGuru) June 22, 2023
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