Rumor has it that CACEIS and Crédit Agricole have been seeking PSAN status for several years.
Crédit Agricole: the CACEIS branch obtains the PSAN
CACEIS, the asset management arm of banking giants Agricultural credit et Santanderhas been registered by French regulators in order to provide crypto custody services.
CACEIS Bankwhich provides services to asset managers such as insurers, pension funds and private equity funds, has been registered by theFinancial Markets Authority (AMF) Tuesday, June 20. You can find this information on the site website of the French regulatory authority.
The bank joins other traditional financial companies such as Forge of Societe Generale et AXA Investment Managers in obtaining the PSAN, recognized as one of the most advanced crypto regulatory frameworks in Europe. On another side, the European Union is preparing to impose new rules on cryptocurrencies with its MiCA legislationwhich will come into force from 2024.
— CoinDesk (@CoinDesk) June 22, 2023
CACEIS: a PSAN request since 2021?
CACEIS, which holds more than 4,600 billion euros in assets under management, is the subject of several rumors that it has been seeking PSAN status since 2021. Registration with theAMF is mandatory for those who provide services of conservationd’exchange or of trading of cryptocurrencies In France. Binance, the largest exchange in the world, is currently under investigation by the French authorities for illegally providing services before receiving certification in 2022.
This request is in line with the latest expressions of interest from traditional financial companies for the crypto sector. At the start of the week, the Deutsche Bank revealed that it was seeking a custody license for crypto-assets in Germany. In the same period, the world’s largest asset manager, BlackRockfiled this week an application for a ETF Bitcoin spot.
The European Central Bank asked banks to maintain high levels of precautionary capital for holdings it considers risky. Lately, a survey released by the regulator in February said cryptocurrency activities and exposures were “insignificant“.
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