Crypto Custody License Secured by Europe’s Largest Asset-servicing Group

**CACEIS Bank Receives Approval for Crypto Custody Services in France**

CACEIS Bank, the banking arm of the CACEIS group in France, has announced that it has obtained regulatory approval to offer crypto custody services in the country. This approval was granted by the Autorité des Marchés Financiers (AMF), the financial market regulator in France. With this approval, CACEIS Bank is now authorized to provide secure storage for clients’ private digital keys using advanced technology.

**Crypto Trading and Regulations in the EU**

Cryptocurrency trading is currently legal across EU member countries, and crypto companies operate under the existing traditional financial rules and regulations. However, a new crypto framework known as the Markets in Crypto Assets (MiCA) will come into effect in phases between 2024 and 2025. This framework will introduce specific regulations for the crypto industry in the EU.

**CACEIS Bank’s Expansion in the Crypto Sector**

The approval received by CACEIS Bank from the AMF indicates the bank’s readiness to expand its presence in the crypto sector. As the demand for crypto custody services is expected to increase in the coming years, CACEIS Bank’s regulatory approval positions it well to meet this demand ahead of the implementation of new crypto rules in the EU.

**Crypto Companies’ Interest in Europe**

Many crypto companies, including Binance, have shown a keen interest in establishing a presence in Europe. These companies are making changes to their existing services in order to comply with the upcoming crypto regulations in the EU. Currently, most major crypto companies are based in the United States and face challenges operating under US jurisdiction. Consequently, these companies are looking to expand their businesses in crypto-friendly environments outside of the US.

**Challenges Faced by Crypto Companies in the US**

Over the past six months, several crypto companies have faced enforcement action by the United States Securities Exchange Commission (SEC) for offering crypto staking and trading services. As a result, these companies are considering exiting the US market to ensure the smooth operation of their crypto businesses in more favorable regulatory environments.

Overall, CACEIS Bank’s approval to provide crypto custody services in France signals the growing interest and importance of the crypto industry in Europe. With the impending implementation of the MiCA framework, the demand for secure crypto services and custody solutions is expected to surge. This presents an opportunity for traditional banks such as CACEIS Bank to leverage their expertise and technology to cater to this emerging market.

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