Capital markets News

Commerzbank lands digital asset custody license for crypto, tokenization


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.” 

While most bank digital asset custodians announce their technology partners, Commerzbank has not yet revealed its provider.

Last year, the bank highlighted its 360x joint venture with Deutsche Börse. The startup tokenizes music, art and real estate.

Commerzbank is the first major bank with a crypto custody license. The only other bank with a crypto license is Hauck Aufhäuser Digital Custody. All of the other seven license holders are crypto firms: BitGo Europe, Bitpanda Asset Management, Börse Stuttgart’s blocknox, Coinbase Germany, Finoa, Tangany and Upvest.

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