Commerzbank turns into first main German financial institution to acquire cryptocurrency custody license

Commerzbank has secured a cryptocurrency custody license, marking the primary occasion of a German full-service financial institution acquiring such approval from nationwide regulators, based on a Nov. 15 assertion.

The financial institution acquired licensing from the German Federal Monetary Supervisory Authority and the European Central Financial institution, according to Article 1 Part 1a Sentence 1 No 6 German Banking Act (KWG).

This license permits Commerzbank to develop its digital asset choices. Moreover, the financial institution intends to ascertain a safe, compliant platform using blockchain expertise for custody companies associated to crypto property.

Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Working Officer, stated the licensing is a major step for the financial institution’s digital asset service ambitions, including that the financial institution stays dedicated to adopting cutting-edge applied sciences and improvements.

He said:

“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.”

Commerzbank is a outstanding German financial institution catering to company entities, boasting a shopper base of roughly 11 million small-business clients and company shoppers. It’s in over 40 nations and contributes considerably to round 30% of Germany’s international commerce.

Germany’s pro-crypto stance

Over the previous yr, Germany has emerged as considered one of Europe’s most pleasant crypto-regulatory environments.

A current 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 lately launched rules permitting corporations to situation crypto shares. Moreover, the nation’s regulatory authorities have additionally formulated a number of measures designed to guard individuals beneath jurisdictions.

These pro-crypto strikes have resulted in a number of crypto corporations, like crypto custodial BitGo, receiving regulatory approval to supply companies within the nation.