- Crypto policy in Germany is taking shape.
- The country awarded a crypto custody license to a full-service bank.
- The bank’s digital assets platform will target institutional clients.
Banking company Commerzbank has become the first German full-service bank in the country to secure a crypto custody license, according to an announcement made on November 15.
Besides being an international banker with a presence in over 40 countries, Commerzbank transacts nearly 30% of Germany’s foreign trade and serves almost 11 million customers through its two Frankfurt-based business segments.
Commerzbank Granted Crypto Custody License
Commerzbank announced in a press release that it has been granted a crypto custody license pursuant to Article 1, Section 1a, Sentence 1, No 6 German Banking Act (KWG).
Per the announcement, the license will enable Commerzbank to design a suite of digital asset services “with particular emphasis on crypto assets.”
Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank, lauded the win, noting it underscores the bank’s commitment to helping its customers tap into the nascent digital assets sector.
“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.” Castillo-Schulz stated.
Given that today’s development marks Commerzbank’s first foray into a regulated crypto space, the bank’s first step will be to create a secure and reliable digital asset custody platform with full regulatory compliance. This platform will target the bank’s institutional clients.
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