Commerzbank Receives Crypto Custody License From German Regulators
Leading German bank Commerzbank has received a crypto custody license from government regulators.
Making the announcement in a press release, Commerzbank stated that the crypto custody license now makes it the first full-service German bank to be approved for this particular service.
Commerzbank AG has received a crypto custody license, providing more evidence that European banks are growing warmer toward the asset class. pic.twitter.com/k4NMtscQfZ
— Andy's Hideaway (@AndysHideaway) November 15, 2023
The license gives the bank the needed legal coverage to craft a broad range of digital asset services, with a particular focus on cryptocurrencies.
However, securing the license is just the first stepping stone in a long path. According to Commerzbank, it would work on establishing a secure and reliable platform with full regulatory compliance.
This platform will support its institutional-based clients and enable them to access crypto custodial services for assets based on blockchain technology.
Speaking on the milestone event, Commerzbank’s Chief Operating Officer, Dr Jörg Oliveri del Castillo-Schulz, stated that the license approval was a significant milestone in the bank’s quest to craft crypto-native services for its teeming customers.
Oliveri also noted that the bank is committed to exploring new technologies like crypto assets and blockchain that give its customers an edge in their wealth creation journey.
Commerzbank joins other entities in Germany that have recently received approval from regulators for digital asset-related services.
On October 24, 2023, US cryptocurrency custody company BitGo secured a crypto custody business license from the German Federal Financial Supervisory Authority (BaFin).
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