Commerzbank granted crypto custody license in Germany

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The German financial institution Commerzbank has been granted a crypto custody license by native regulators, in accordance with an announcement launched by the lender on Nov. 15. 

Commerzbank says it’s the first “full-service” German financial institution to be granted this license within the nation beneath the authorized framework of the German Banking Act (KWG). This enables it to supply custody of crypto property and can allow it to supply “additional digital asset companies.”

Dr. Jörg Oliveri del Castillo-Schulz, the chief working officer of Commerzbank, mentioned that buying the license is an “necessary milestone.”

“This highlights our ongoing dedication to making use of the most recent applied sciences and improvements, and it types the inspiration for supporting our clients within the areas of digital property.”

The financial institution says its first step now’s to determine a platform that’s each “safe and dependable” and totally complies with native rules whereas supporting its institutional purchasers by means of crypto custody companies by way of blockchain.

Cointelegraph reached out to Commerzbank for additional info on the event. 

Associated: Crypto banking app Bitwala relaunches via new partnership with Striga

This improvement from Commerzbank follows comparable information out of Germany, as its third-largest financial institution, DZ Bank, revealed its crypto custody choices for institutional buyers on Nov. 6. 

DZ Financial institution introduced its new platform for processing and storing digital monetary devices. It additionally mentioned it utilized for a crypto custody license in June of 2023 to permit institutional buyers and personal clients to purchase cryptocurrencies.

In September, the USA crypto custody agency BitGo received a license from the German Federal Monetary Supervisory Authority (BaFin) to increase its compliance with native rules after three years of working its devoted native subsidiary.

The crypto-landscape in Germany has gained important momentum over the past yr. In March, the Deutsche WertpapierServiceBank (Dwpbank) launched its wpNex crypto trading platform that started to supply 1,200 banks and financial savings banks in Germany entry to the digital asset trade.

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