One of the largest German banks has received a license for the custody of bitcoins and cryptocurrencies.
Also Commerzbank, the fourth largest banking group in Germany, has received a full license for custody of crypto assets. The group announced this on its website and confirms the achievement of what is the first step towards the offer, through its subsidiaries, services related to the world of Bitcoin and crypto.
This is not the first bank of this importance to receive a license of this type. Furthermore, the group has already activated BaFIN, the counterpart of CONSOB in Germany, to obtain a full crypto license in 2022. Germany thus confirms itself as one of the main global centers for normalization crypto sector.
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Commerzbank bets everything on cryptocurrencies: ok for custodial license
It is not the first German bank to receive this license, but it is certainly one of the most relevant. Commerzbank has announced on its website that it has received a license that will enable the institution to act as guard for digital assets such as cryptocurrencies and Bitcoin. According to the group’s announcement, it is the first comprehensive bank to receive it.
Now that we have received the license, we have reached an important milestone. This underlines our commitment to the application of the latest technologies and innovations and will serve as a foundation for supporting our clients in the digital asset sector.
This is the comment of Jörg Oliveri del Castillo-Schulz, who is the COO of Commerzbank, who entrusted his words, with great enthusiasm, to the official press release.
For now, it is not clear what the group’s next steps will be or what kind of services it will decide to offer its users. We believe that such services will most likely initially be offered to the wealthy and the so-called institutional.
Germany Confirms Crypto Voting
Germany confirms its crypto call. At the beginning of 2023 DZ banka signed a contract with Metacjust as Deutsche Bank has also been active in the sector for some time, as have other large institutions, although not always in custody.
These are strong signals from what remains the most important economy in the eurozone. Italian banks are still at a standstill, apparently lagging behind their German counterparts in terms of opening up to the crypto world. There was no such opening, let’s say between the teeth.