Berlin, November 15, 2023 — In a groundbreaking move, Commerzbank, a leading German financial institution, has obtained the coveted crypto custody license from local regulators, marking a pivotal moment in the nation’s banking landscape.
Under the regulatory framework of the German Banking Act (KWG), Commerzbank proudly declares its status as the inaugural “full-service” bank to receive this license. This achievement positions the bank to provide secure custody services for crypto assets, ushering in a new era of comprehensive digital asset solutions.
Strategic Vision for Digital Assets Unveiled
Dr. Jörg Oliveri del Castillo-Schulz, the Chief Operating Officer of Commerzbank, emphasizes the license as a significant milestone, showcasing the bank’s dedication to adopting cutting-edge technologies. He envisions the license as the foundation for delivering innovative digital asset services to customers.
🚨BREAKING: Commerzbank Secures Cryptocurrency Custody License, Pioneering Blockchain-Based Asset Management
Historic Milestone: 🇩🇪Germany’s fourth-largest bank, Commerzbank, acquires a pivotal cryptocurrency custody license.
Initial Focus: Establishment of a robust, secure, and… pic.twitter.com/jKML6YpQNP
— Kyle Chassé (@kyle_chasse) November 15, 2023
With the license secured, Commerzbank outlines its immediate plans to establish a secure and reliable platform. This platform will fully adhere to local regulations while prioritizing the needs of institutional clients seeking crypto custody services facilitated through blockchain technology.
Broader Trend in the German Banking Sector
Commerzbank‘s crypto custody license follows a broader trend in the German banking sector’s embrace of digital assets. DZ Bank, Germany’s third-largest bank, recently unveiled its crypto custody offerings for institutional investors on November 6. Similarly, in September, BitGo, a U.S.-based crypto custody firm, received approval from the German Federal Financial Supervisory Authority (BaFin) to expand its operations and compliance efforts after three years of local subsidiary operations.
Germany’s Crypto Landscape Gains Momentum
The move by Commerzbank aligns with the growing momentum of the crypto landscape in Germany. In March, Deutsche WertpapierServiceBank (Dwpbank) launched its wpNex crypto trading platform, providing access to the digital asset industry for 1,200 banks and savings banks across the country.
As traditional financial institutions increasingly embrace crypto services, Germany solidifies its position as a key player in the evolving global crypto ecosystem.