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French Bank, Caceis, approved to offer Bitcoin custody services



CACEIS, a bank in France, has been duly registered to offer Bitcoin custody services as well as digital assets. The approval was granted by the French AMF on June 20, 2023.

AMF (Autorité des marchés financiers) is the French financial market regulator. It is responsible for protecting investors, ensuring the proper functioning of financial markets, and promoting financial education. The AMF was created in 2003 by the French government and is headquartered in Paris.

CACEIS is a banking group specialized in asset servicing, headquartered in Paris, France. It is a subsidiary of Crédit Agricole and Santander. CACEIS provides a wide range of asset servicing services to institutional investors, including custody, administration, fund services, securities lending, and clearing. The group has over 4,500 employees and operates in over 20 countries.

CACEIS is a leading player in the asset servicing industry with an asset valued at $4.51 trillion as of last year. The group has a strong track record of growth and innovation, and is committed to providing its clients with the best possible service.

According to the AMF, CACEIS joins other financial institutions that have been granted the same approval under the French Laws. Some of these include Coinhouse, Voyager Europe, Stackinsat, and more.

Traditional institutions and the bitcoin market

There has been a recent surge in the traditional market towards crypto especially with attention on bitcoin. In the past seven days, BlackRock, Fidelity, WisdomTree, Invesco, Bitwise, and Valkyrie, filed for a Spot Bitcoin ETF with the SEC, while Deutch Bank applied for bitcoin custody services.

Apart from these privately owned financial firms, global as Federal institutions such as the IMF, and the Federal Reserve have also affirmed the importance and value of Bitcoin. According to the IMF, cryptocurrencies have meaningful value which should be studied by nations instead of banning them.

The Federal Reserve via its Chairman, Powell, explained that crypto has staying power while stablecoins are a recognised form of money.

Read also;

Ripple granted approval to operate in Singapore


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