CACEIS Bank has obtained a French DASP license for crypto custody services.

The CACEIS Bank, which is a subsidiary of Santander and Credit Agricole, has been granted a DASP license by the French financial regulator AMF. The bank provides asset services to institutional and corporate clients and can now offer crypto custody services to its clients with the license.

The President of Adan, Simon Polrot, commended the bank for obtaining the license, stating, “It shows that France is at the forefront of crypto regulation in Europe and that it can attract and retain leading players in this field.”

How the DASP License Enables Crypto Custody Services

The DASP license was introduced by the French Government in 2019 to regulate crypto-related activities. The license is granted by AMF to service providers who offer various crypto-related services, including custody, exchange, trading, advisory, and issuance of crypto assets. The license also enables the service provider to operate across the European Union under the current regime.

CACEIS Bank is among the first European banks to obtain the DASP license. The bank can now provide its clients with a secure and regulated solution for storing and managing their crypto assets. Crypto custody services involve holding and safeguarding the private keys that control access to crypto assets. These services are crucial for institutional investors who want to invest in crypto assets without worrying about security and compliance.

CACEIS Bank’s CEO, Jean-François Abadie, expressed his pride in obtaining the license and confirmed the bank’s leading position in the asset servicing market.

France Tightens Crypto Regulations

Although France has been supportive of the cryptocurrency industry, it has recently decided to tighten its regulations. In March, the legislative arm approved a bill to harmonize local laws with proposed European Union (EU) standards. Consequently, DASPs will face stricter regulations from July.

The new measure requires firms to comply with tighter Anti-Money Laundering measures, segregate customer funds, and disclose more details about risks and conflicts of interest. However, the 61 firms already registered with the AMF will be exempted until the MiCA framework is launched next year. The AMF has been actively involved in the development of MiCA and has expressed its support for the initiative.

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