Commerzbank becomes first major German bank to obtain cryptocurrency custody license Commerzbank becomes first major German bank to obtain cryptocurrency custody license
The licensing allows Commerzbank to expand its digital asset offerings to custodial services.
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Updated: Nov. 15, 2023 at 5:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Commerzbank has secured a cryptocurrency custody license, marking the first instance of a German full-service bank obtaining such approval from national regulators, according to a Nov. 15 statement.
The bank acquired licensing from the German Federal Financial Supervisory Authority and the European Central Bank, in line with Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG).
This license allows Commerzbank to expand its digital asset offerings. Additionally, the bank intends to establish a secure, compliant platform utilizing blockchain technology for custody services related to crypto assets.
Dr. Jörg Oliveri del Castillo-Schulz, Commerzbank’s Chief Operating Officer, said the licensing is a significant step for the bank’s digital asset service ambitions, adding that the bank remains committed to adopting cutting-edge technologies and innovations.
He stated:
“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.”
Commerzbank is a prominent German bank catering to corporate entities, boasting a client base of approximately 11 million small-business customers and corporate clients. It is in over 40 countries and contributes significantly to around 30% of Germany’s foreign trade.
Germany’s pro-crypto stance
Over the past year, Germany has emerged as one of Europe’s most friendly crypto-regulatory environments.
A recent Chainalysis study positioned the nation as Europe’s second-largest cryptocurrency economy. At the same time, a 2022 CoinCub ranking claimed Germany was the world’s most crypto-friendly country, citing its regulatory clarity and robust legal frameworks.
The European country recently introduced regulations allowing companies to issue crypto shares. Additionally, the country’s regulatory authorities have also formulated several measures designed to protect people under jurisdictions.
These pro-crypto moves have resulted in several crypto companies, like crypto custodial BitGo, receiving regulatory approval to provide services in the country.
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BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.