Asset Management Giant Registers for Crypto Custody License in France
• CACEIS Bank, the CACEIS group’s banking arm in France, has just been granted a license by the financial market regulator Autorité des Marchés Financiers (AMF) to provide crypto custody services.
• With this license, CACEIS Bank is now authorized to store users‘ private keys and offer digital asset custody services to third parties.
• CACEIS is owned by banking giants Credit Agricole and Santander and has $2.3 trillion of assets under administration.
What is Crypto Custody?
Crypto custody refers to the secure storage of cryptocurrency private keys on behalf of customers. By storing user’s private keys, crypto custodians are able to protect their clients from potential hacks and other security threats that can occur when holding digital assets.
CACEIS Bank Receives PSAN Status
The CACEIS group recently received PSAN (Prestataires de Services sur Actifs Numériques) status from the AMF which allows its banking arm – CACEIS Bank – to legally operate as a crypto asset custodian in France. According to Arnaud Misset, CACEIS’ Chief Digital Officer, this status will enable them to provide secure storage for clients’ digital keys using state-of-the-art technology.
Big Banks Owned By CACEIS Group
CACEIS is owned by two global banking giants: Credit Agricole and Santander. This makes it one of the leading players in the asset-servicing industry with $2.3 trillion of assets under administration for institutional and corporate clients across Europe.
The recent acquisition of PSAN status by the CACEIS group shows that they are committed towards providing reliable digital asset services with security at its core while responding to increasing demand from investment management companies and institutional investors alike.