Commerzbank becomes first major German bank to obtain cryptocurrency custody license

Commerzbank has secured a cryptocurrency custody license, marking the archetypal lawsuit of a German full-service slope obtaining specified support from nationalist regulators, according to a Nov. 15 statement.

The slope acquired licensing from the German Federal Financial Supervisory Authority and the European Central Bank, successful enactment with Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG).

This licence allows Commerzbank to grow its integer plus offerings. Additionally, the slope intends to found a secure, compliant level utilizing blockchain exertion for custody services related to crypto assets.

Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Operating Officer, said the licensing is simply a important measurement for the bank’s integer plus work ambitions, adding that the slope remains committed to adopting cutting-edge technologies and innovations.

He stated:

“This highlights our ongoing committedness to applying the latest technologies and innovations, and it forms the instauration for supporting our customers successful the areas of integer assets.”

Commerzbank is simply a salient German slope catering to firm entities, boasting a lawsuit basal of astir 11 cardinal small-business customers and firm clients. It is successful implicit 40 countries and contributes importantly to astir 30% of Germany’s overseas trade.

Germany’s pro-crypto stance

Over the past year, Germany has emerged arsenic 1 of Europe’s astir affable crypto-regulatory environments.

A caller Chainalysis survey positioned the federation arsenic Europe’s second-largest cryptocurrency economy. At the aforesaid time, a 2022 CoinCub ranking claimed Germany was the world’s astir crypto-friendly country, citing its regulatory clarity and robust ineligible frameworks.

The European state precocious introduced regulations allowing companies to contented crypto shares. Additionally, the country’s regulatory authorities person besides formulated respective measures designed to support radical nether jurisdictions.

These pro-crypto moves person resulted successful respective crypto companies, similar crypto custodial BitGo, receiving regulatory approval to supply services successful the country.

The station Commerzbank becomes archetypal large German slope to get cryptocurrency custody license appeared archetypal connected CryptoSlate.