Commerzbank has obtained a cryptocurrency custody license, marking the first time a German full-service bank has received such approval from national regulators, according to a Nov. 15 statement.
The bank has been licensed by the German Federal Financial Supervisory Authority and the European Central Bank, in accordance with Article 1, Section 1a, Sentence 1, No. 6, German Banking Act (KWG).
This license allows Commerzbank to expand its offering of digital assets. Furthermore, the bank plans to establish a secure, compliant platform that uses blockchain technology for custody services related to crypto assets.
Dr. Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank, said the licensing is an important step for the bank’s ambitions in digital asset services, adding that the bank remains committed to adopting cutting-edge technologies and innovations.
He claimed:
“This underlines our continued commitment to applying the latest technologies and innovations, and sets the foundation for supporting our digital asset customers.”
Commerzbank is a leading German corporate bank with a customer base of approximately 11 million small business and corporate customers. It is present in more than 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 friendliest crypto regulatory environments.
A recent Chainalysis survey positioned the country as the second largest cryptocurrency economy in Europe. At the same time, a 2022 CoinCub ranking claimed that Germany was the most crypto-friendly country in the world, citing regulatory clarity and robust legal framework.
The European country recently introduced regulations allowing companies to issue crypto stocks. Moreover, the country’s regulatory authorities have also formulated several measures intended to protect people under jurisdictions.
These pro-crypto movements have led to several crypto companies, such as crypto custody company BitGo, receiving regulatory approval to provide services in the country.
