CACEIS, a subsidiary of Credit Agricole & Santander that provides asset-servicing, has been approved by French regulators for the provision of crypto custody services.

According to the regulator’s website, CACEIS Bank provides asset managers with services such as pension funds, insurers and private equity.

The European Union is preparing to introduce new crypto licensing regulations known as MICA by 2024.

has been rumored that CACEIS has sought the crypto regulatory status in 2021.

The AMF requires that anyone providing crypto custody, trading or exchange services in France register with them. Binance, which is the largest crypto exchange in the world, is under investigation by French authorities.

This is just the latest of a number of traditional financial companies that have shown an interest in entering the crypto market. Deutsche Bank announced earlier this week that it was seeking a German crypto custody license, while the largest asset manager in the world BlackRock filed last week to operate an exchange traded fund linked to bitcoin’s price (BTC).

In a February survey, the European Central Bank said that crypto exposures and activities were ” negligible.”

Credit Agricole didn’t immediately respond to CoinDesk’s comment request.

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Sandali Handagama is the editor.