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.
Cointelegraph reached out to Commerzbank for further information on the development.
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This development from Commerzbank follows similar news out of Germany, as its third-largest bank, DZ Bank, revealed its crypto custody offerings for institutional investors on Nov. 6.
DZ Bank announced its new platform for processing and storing digital financial instruments. It also said it applied for a crypto custody license in June of 2023 to allow institutional investors and private customers to buy cryptocurrencies.
In September, the United States crypto custody firm BitGo received a license from the German Federal Financial Supervisory Authority (BaFin) to expand its compliance with local regulations after three years of operating its dedicated local subsidiary.
The crypto-landscape in Germany has gained significant momentum over the last year. In March, the Deutsche WertpapierServiceBank (Dwpbank) launched its wpNex crypto trading platform that began to offer 1,200 banks and savings banks in Germany access to the digital asset industry.
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