Commerzbank has secured a cryptocurrency custody license, marking the first occasion of a German full-service bank acquiring such approval from nationwide regulators, in accordance to a Nov. 15 assertion.
The bank acquired licensing from the German Federal Monetary Supervisory Authority and the European Central Bank, according to Article 1 Part 1a Sentence 1 No 6 German Banking Act (KWG).
This license permits Commerzbank to broaden its digital asset choices. Moreover, the bank intends to set up a safe, compliant platform using blockchain expertise for custody companies associated to crypto belongings.
Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Working Officer, mentioned the licensing is a big step for the bank’s digital asset service ambitions, including that the bank stays dedicated to adopting cutting-edge applied sciences and improvements.
He stated:
“This highlights our ongoing dedication to making use of the most recent applied sciences and improvements, and it kinds the muse for supporting our prospects within the areas of digital belongings.”
Commerzbank is a distinguished German bank catering to company entities, boasting a consumer base of roughly 11 million small-business prospects and company shoppers. It’s in over 40 international locations and contributes considerably to round 30% of Germany’s international commerce.
Germany’s pro-crypto stance
Over the previous yr, Germany has emerged as one among Europe’s most pleasant crypto-regulatory environments.
A latest Chainalysis examine positioned the nation as Europe’s second-largest cryptocurrency financial system. On the identical time, a 2022 CoinCub rating claimed Germany was the world’s most crypto-friendly nation, citing its regulatory readability and strong authorized frameworks.
The European nation just lately launched laws permitting firms to subject crypto shares. Moreover, the nation’s regulatory authorities have additionally formulated a number of measures designed to defend individuals below jurisdictions.
These pro-crypto strikes have resulted in a number of crypto firms, like crypto custodial BitGo, receiving regulatory approval to present companies within the nation.