April 16, 2024

Commerzbank granted crypto custody license in Germany

The German bank Commerzbank is the first full-service bank in the country to receive a crypto custody license from local regulators.

The German bank Commerzbank has been granted a crypto custody license by local regulators, according to an announcement released by the lender on Nov. 15. 

Commerzbank says it is the first “full-service” German bank to be granted this license in the country under the legal framework of the German Banking Act (KWG). This allows it to offer custody of crypto assets and will enable it to offer “further digital asset services.”

Dr. Jörg Oliveri del Castillo-Schulz, the chief operating officer of Commerzbank, said that acquiring the license is an “important milestone.”

“This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.”

The bank says its first step now is to establish a platform that is both “secure and reliable” and fully complies with local regulations while supporting its institutional clients through crypto custody services via blockchain.

This is a developing story, and further information will be added as it becomes available.

Related: Crypto banking app Bitwala relaunches via new partnership with Striga

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