Commerzbank Obtains Crypto Custody Licence in Germany

Commerzbank, a leading bank for the German Mittelstand, has obtained a Crypto Custody Licence from the German Federal Financial Supervisory Authority (BaFin), making it the first German full-service bank to be granted the license under Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG), according to its latest announcement published on Wednesday, November 15.

The newly acquired license allows the Frankfurt-headquartered global bank to offer a broad rand of digital asset services.

"The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology," said the bank in the announcement.

Dr Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, commented: "Now that we have been granted the licence, we have achieved 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."

Earlier this month, the US-regulated crypto custody company BitGo​ also secured its crypto custody license in Germany, as reported by Fazzaco.