CACEIS Bank is one of the first European banks to receive a DASP license.
CACEIS Bank has obtained DASP license from the French financial regulator AMF. CACEIS is a subsidiary of Bank Santander and Crédit Agricole that provides property services for institutional and corporate clients. With the license, the bank will be able to provide crypto custody services to its customers.
Aden’s president, Simon Polrot, praised CACEIS Bank for obtaining the license. They said:
“It shows that France is at the forefront of crypto regulation in Europe and that it can attract and retain leading players in the sector.”
How the DASP License Enables Crypto Custody Services
The French government introduced the DASP license in 2019 to regulate crypto-related activities. The AMF licenses service providers that provide various services such as custody, exchange, trading, advice and issuance of crypto assets. The license also enables the service provider to operate throughout the European Union under the current regime.
CACEIS Bank is one of the first European banks to receive a DASP license. The bank can now offer its customers a secure and regulated solution for storing and managing their crypto assets. Crypto custody services involve holding and protecting the private keys that control access to crypto assets. These services are essential for institutional investors who want to invest in crypto assets without worrying about security and compliance.
Speaking on behalf of the bank, Jean-François Abadi, CEO of CACEIS Bank, said:
“We are very proud to have received this license, which confirms our leading position in the asset services market.”
France tightens crypto rules
While France has been a supporter of the cryptocurrency industry, it has Settle Recently to tighten its rules. In March, the legislative branch approved a bill to harmonize local laws with proposed European Union (EU) standards. As a result, DASPs will face stricter regulations from July.
The new measure requires companies to comply with stricter anti-money-laundering measures. They must segregate client funds and disclose more information about risks and conflicts of interest. However, 61 firms already registered with AMF will be exempted till MICA frame, AMF has been actively involved in the development of MiCA and has expressed its support for the initiative which will begin next year.
An experienced writer with hands-on experience in the Fintech industry. When he is not writing, he spends his time reading, researching or teaching.
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