Pi Network Users To Benefit As Crédit Agricole And Santander’s Caceis Becomes Registered Digital Asset Service Provider

Caceis, an asset servicing business jointly owned by Crédit Agricole and Santander, has secured registration with the French financial markets authority, Autorité des Marchés Financiers (AMF), as a digital asset service provider (DASP). This milestone, attained earlier this week, grants Caceis the authority to offer custody services for digital assets, including cryptocurrencies. As of the end of 2022, the company boasted a substantial 4.1 trillion euros ($4.51 trillion) in assets under custody.

The move by Caceis marks a significant addition to the growing list of crypto-related companies regulated by the French watchdog. Reuters reports that the DASP list already includes subsidiaries of other major players in the French financial market, such as Societe Generale and AXA.

Established in 2005 through the merger of Crédit Agricole’s asset management activities and Caisse d’Epargne, a French cooperative banking group, Caceis has emerged as a prominent player in the asset servicing sector. With Crédit Agricole holding a majority stake of 69.5% and Santander possessing a 30.5% stake, the joint venture combines the strengths and expertise of two major European banks.

The registration of Caceis as a DASP presents several benefits for users of digital assets, particularly those utilizing the Pi Network. Here are five advantages this development offers to Pi Network users:

1. Enhanced Security: Caceis brings its extensive experience in custody services, providing an additional layer of security for Pi Network users’ digital assets, protecting them against potential threats and cyberattacks.

2. Regulatory Compliance: By registering as a DASP with the AMF, Caceis demonstrates its commitment to adhering to the regulatory framework governing digital assets, ensuring compliance and fostering trust among Pi Network users.

3. Institutional Support: As a subsidiary of Crédit Agricole and Santander, Caceis offers the backing and resources of two established financial institutions, reinforcing the credibility and stability of services provided to Pi Network users.

4. Industry Expertise: Leveraging its extensive experience in asset servicing and the expertise of its parent companies, Caceis can develop innovative solutions tailored to the specific needs of Pi Network users, promoting growth and scalability.

5. Access to a Vast Network: Through Caceis’s affiliation with Crédit Agricole and Santander, Pi Network users gain access to a broad network of financial services, creating opportunities for collaboration, investment, and expansion.

Overall, the registration of Caceis as a digital asset service provider represents a significant stride in integrating traditional financial institutions into the emerging digital asset landscape. Pi Network users stand to benefit from the added security, compliance, institutional support, industry expertise, and networking opportunities that this development brings. Read Similar Story