Germany’s Commerzbank has recently made history by becoming the first full-service bank in the country to receive a regulatory approval for a crypto custody license. This significant achievement paves the way for the bank to offer its clients access to secure digital assets custody, marking a major milestone for both Commerzbank and the broader financial industry in Germany.
Commerzbank, one of the top four largest banks in Germany, obtained the crypto custody license from the Federal Financial Supervisory Authority (BaFin) in accordance with the German Banking Act (KWG). This news comes as a testament to the bank’s commitment to embracing the latest technologies and innovations in the financial sector.
With the approval of the crypto custody license, Commerzbank now has the green light to develop digital asset services solutions, specifically targeting crypto assets. Dr Jörg Oliveri del Castillo-Schulz, the Chief Operating Officer (COO) of Commerzbank, emphasized the importance of this milestone, stating that it highlights the bank’s dedication to supporting its customers in the realm of digital assets.
The crypto custody license will enable Commerzbank to cater to a wide range of customers, including those in the rapidly growing blockchain technology industry. This move aligns with the broader trend of traditional financial institutions recognizing the importance of offering custody solutions for digital assets and tokenized financial instruments.
Interestingly, Commerzbank is not the only major bank in Germany that has recently ventured into the realm of digital assets custody. In September, Germany’s largest bank, Deutsche Bank, announced a partnership with Swiss-based crypto firm Taurus to offer custody solutions for digital assets and tokenized financial instruments.
The issuance of the crypto custody license to Commerzbank represents a significant milestone for the bank and the broader financial industry in Germany. As digital assets continue to gain prominence in the global financial landscape, Commerzbank’s foray into crypto custody demonstrates its commitment to staying at the forefront of the digital revolution in banking.