Massive $2.3T Asset Manager Seeks Crypto Custody License in France

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CACEIS Bank, a prominent asset-servicing group in Europe, has recently achieved a significant milestone in the world of cryptocurrency.

The company has been granted a license by the financial market regulator, Autorité des Marchés Financiers (AMF), allowing them to provide crypto custody services in France. This development comes as CACEIS Bank, the French banking arm of the CACEIS group, obtained PSAN (Prestataires de Services sur Actifs Numériques) status from the AMF. This prestigious status authorizes the financial institution to function as a crypto asset custodian, responsible for securely storing users’ private keys.

Notably, CACEIS is backed by banking giants Credit Agricole and Santander, solidifying its position as a trusted player in the industry. As the sole French custody specialist to have received PSAN status, CACEIS Bank aims to meet the growing demand for digital asset custody services from investment management companies and institutional investors. This achievement represents the initial step in the development of an innovative digital asset custody offering, ensuring a level of security on par with traditional assets.

Arnaud Misset, CACEIS’ chief digital officer, emphasized the significance of this accomplishment, stating, “PSAN status enables CACEIS Bank to offer digital asset custody services to third parties and respond to growing demand from investment management companies and institutional investors. It is the first milestone in the development of an innovative digital asset custody offer that provides the same level of security as for traditional assets… This status ensures that the digital assets ecosystem, in which CACEIS operates, is built with reliability at its core.”

To implement this secure storage solution for clients’ private digital keys, CACEIS Bank plans to leverage state-of-the-art technology. The registration of CACEIS as a digital asset service provider (DASP) on June 20th, as listed on the AMF’s website, further solidifies its position as a key player in the asset-servicing industry. With assets under administration amounting to an impressive $2.3 trillion, CACEIS is well-established in serving institutional and corporate clients.

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