Commerzbank Secures First Crypto Custody License Among Full-Service Banks in Germany
Summary:
Commerzbank, a leading German bank, has received approval from domestic regulators to provide cryptocurrency custody services, becoming the first full-service bank in Germany to do so under the German Banking Act (KWG). The bank plans to build a secure platform, complying with local regulations to support institutional clients with crypto custody services.
Commerzbank, a prominent German financial institution, has been greenlighted by national regulators to provide cryptocurrency custody services, as indicated in the bank's statement on November 15. By attaining this licence under the German Banking Act (KWG), Commerzbank becomes the pioneer full-service bank in the nation to be permitted to safeguard crypto assets and extend additional digital services related to these assets. The bank's Chief Operating Officer, Dr. Jörg Oliveri del Castillo-Schulz, views this achievement as a "significant milestone". He emphasised this accomplishment underpins the bank's continual dedication to exploit the most recent technological advancements, and it paves the way for assisting their clientele in the digital assets sector. Commerzbank's immediate plan is to construct a robust and safe platform that complies comprehensively with domestic regulations and caters to the needs of its institutional clients by offering secure custody services for their cryptocurrencies. This remains an evolving report and additional details will be included as they emerge. In related news, Striga has formed a fresh partnership with crypto banking app Bitwala, leading to its reinstatement.
Published At
11/15/2023 1:00:12 PM
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