Weekly SmartPills #13
CRÉDIT AGRICOLE ENTERS CRYPTO CUSTODY: A NEW FINANCIAL ERA
The financial sector is preparing for a significant turning point with the announcement that the banking giant Crédit Agricole has obtained a license for crypto asset custody. In collaboration with CACEIS, the bank has paved the way for the integration of cryptocurrencies into its service portfolio.
This move represents a significant step forward in the adoption of cryptocurrencies by financial institutions.
Crédit Agricole is thinking big
Crédit Agricole, through CACEIS, has obtained a license for crypto asset custody from French regulatory authorities. CACEIS Bank, which acts as an intermediary, provides a wide range of financial services to large asset managers like Crédit Agricole. This license will allow Crédit Agricole to offer custody and trading services for cryptocurrencies, opening new opportunities for its clients.
Conquering Europe
Crédit Agricole joins other major financial institutions like Société Générale's Forge and AXA Investment Managers in the most advanced crypto regulatory framework in Europe. The European Union has implemented MiCA, a regulatory framework aimed at regulating the cryptocurrency sector.
The license obtained by Crédit Agricole is a significant step toward expansion and adaptation to the new financial challenges posed by cryptocurrencies.
CACEIS and its commitment to the crypto universe
According to recent reports, CACEIS already holds approximately 4.6 billion euros in assets and has been seeking solutions to include cryptocurrencies in its portfolio for some time.
Obtaining the license from the financial markets regulator (AMF) is the first mandatory step to legitimize the provision of crypto custody and trading services.
CACEIS positions itself as an important player in the financial sector, ready to seize the opportunities offered by the growing interest in cryptocurrencies.
The big names in competition
Binance, one of the leading cryptocurrency exchanges, has obtained the license from the AMF, but at the same time is under investigation for illicit activities prior to the issuance of the license.
Additionally, Deutsche Bank has submitted a license request for cryptocurrency custody to the German counterpart of the AMF.
This shows that financial institutions are showing increasing interest in cryptocurrencies, also driven by BlackRock’s initiative to create a spot Bitcoin ETF.
In conclusion, Crédit Agricole obtaining the license for crypto asset custody marks an important turning point.