2.3 Trillion Dollar French Firm Granted Crypto Custody License

CACEIS Bank, a part of one of Europe's biggest asset-servicing groups, has gained permission to provide crypto custody services in France. The financial market regulator, Autorité des Marchés Financiers (AMF), has given CACEIS the necessary license called PSAN status. This means CACEIS can safely store users' private keys for crypto assets. 

CACEIS is owned by large banks Credit Agricole and Santander. It's also the only French custody specialist to get PSAN status. This approval allows CACEIS to cater to the increasing demand from investment companies and institutional investors for digital asset custody services. 

Arnaud Misset, CACEIS’ chief digital officer, says they will use advanced technology to provide secure storage for their clients' private digital keys. 

CACEIS got registered as a digital asset service provider (DASP) with AMF on June 20th. It's a significant player in the asset-servicing industry, handling around $2.3 trillion in assets under administration.