Today Commerzbank announced BaFin granted it with a Crypto Custody License. When the bank first applied in April 2022, we asked whether the purpose was digital securities or cryptocurrency. The answer was both, with an institutional focus initially.
However, a crypto custody license is not necessary for appropriately regulated incumbents if the sole purpose is digital securities, known as crypto securities in Germany. For example, DZ Bank launched a digital asset custody solution for securities using its existing licenses.
“Now that we have been granted the licence, we have achieved an important milestone,” said Dr. Jörg Oliveri del Castillo-Schulz, COO of Commerzbank. “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.”
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