CACEIS Bank secured regulatory approval to provide crypto custody services in France.
In the present time, crypto trading is legal across the EU member countries under the traditional financial rules & regulations and also crypto companies are doing their business on behalf of these traditional financial rules. The Markets in Crypto Assets (MiCA), a crypto-dedicated new framework, will come into effect from 2024 to 2025 in some phases.
Recently CACEIS Bank, the CACEIS group’s banking arm in France, announced via a press release that it received PSAN (Prestataires de Services sur Actifs Numériques) from the financial market regulator Autorité des Marchés Financiers (AMF).
Under this regulatory approval, CACEIS Bank has full authority to provide crypto custody services in France. In other words, a traditional bank will provide a crypto service.
CACEIS Bank Chief Digital Officer Arnaud Misset said that the Bank will provide secure storage for the client’s private digital keys by leveraging state-of-the-art technology.
Many reports suggested that CACEIS’s success to achieve PSAN from AMF is showing that the Bank is ready to expand its business in the crypto sector, as the demand for crypto custody services will surge in the upcoming years in the EU ahead of new clear crypto rules.
This year, several crypto companies including the Binance crypto exchange showed their high level of intention toward Europe.
Almost every crypto company is bringing changes in their existing crypto services, to comply with the EU’s upcoming new crypto rules.
In the present time, the big crypto companies are mainly from America e.g. Coinbase, Binance, Robinhood, Kraken, etc. But all of these companies are struggling badly under the jurisdiction of the United States (US).
In the last 6 months, more than half a dozen crypto companies faced enforcement action by the United States Securities Exchange Commission (SEC) over providing crypto staking & trading services.
In this situation, crypto companies are trying to quit the US market so that they can run their crypto business smoothly in a crypto-friendly environment.