Credit Agriricole And Santander Falls Into The Crypto World Via Ceceis

Caceis is a provider of digital assets in France. (Photo; Doc. Corporatenews)

JAKARTA - Caceis, a subsidiary jointly owned by CRedit Agriole and Santander, has been listed as a digital asset service provider in France. This registration allows these two major European banks to enter the crypto market.

Caceis will provide custodial services for digital assets, including cryptocurrencies, after obtaining approval from Autorite des Marchés Financiers (AMF), French financial market authorities. At the end of 2022, Caceis oversees assets worth 4.1 trillion euros (equivalent to IDR 70.7 quadrillion).

With this registration, Caceis is an addition for French-listed crypto companies, joining Societe Generale and AXA. Caceis was founded in 2005 through the merger of Credit Agriole and Caisse d'Epargne asset management activities. Credit Agricole owns a majority stake of 69.5 percent, while Santander owns 30.5 percent of the shares.

France has shown openness to the crypto industry, with several leading crypto companies, including Binance, listed as digital asset service providers in the country. In May, French officials invited crypto companies looking to avoid crackdown in the United States to operate in France, offering greater regulatory certainty.

Despite France's positive attitude towards the crypto industry, Binance has recently been the target of investigations in France over alleged money laundering and the provision of illegal digital asset services. A Binance spokesperson clarified that regulatory visits are part of a regulatory obligation that financial institutions must comply with.

With Caceis registration as a digital asset service provider in France, this shows further development in integrating the crypto industry into traditional financial environments. France continues to strengthen its position as one of the centers of innovation and development in the crypto industry in Europe.