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Commerzbank becomes the first German bank to secure crypto custody license

Press Releases Crypto News Crypto-News Commerzbank becomes the first German bank to secure crypto custody license

Commerzbank becomes the first major German bank to receive a cryptocurrency custody license, signaling a strategic move into digital asset services.

Commerzbank AG, Germany’s fourth-largest banking institution, has obtained a regulatory custody license for cryptocurrencies. This makes Commerzbank the first German full-service bank to acquire such a license, marking a significant step in integrating digital assets into traditional banking services.

Wir haben als erste deutsche Universalbank die #Kryptoverwahrlizenz erhalten. Diese ermöglicht uns, ein breites Spektrum von Dienstleistungen im Bereich digitaler Vermögenswerte, speziell Kryptowerte, aufzubauen. Mehr dazu im Interview mit Dr. Jörg Oliveri del Castillo-Schulz.

— Commerzbank (@commerzbank) November 15, 2023

The authorization, under Article 1 Section 1a Sentence 1 No 6 of the German Banking Act (KWG), allows Commerzbank to offer extensive services centered around digital assets. This move aligns with the bank’s strategic vision to leverage innovative technologies in enhancing its service offerings, especially in cryptocurrencies.

In the initial phase, Commerzbank aims to launch a robust and secure platform, complying with strict regulatory standards, to facilitate the custody of crypto assets for its institutional clients. This platform will be grounded in blockchain technology, ensuring a high level of security and reliability for its users.

Dr. Jörg Oliveri del Castillo-Schulz, the Chief Operating Officer of Commerzbank, emphasized the significance of this development. He emphasized that this achievement lays a solid foundation for the institute to support its clients in navigating the emergin

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Author: Mohammad Shahidullah

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