Commerzbank Receives Crypto Custody License From German Regulators

15 November 2023

By Jimmy Aki | @jimmy-aki

Leading German bank Commerzbank has received a crypto custody license from government regulators.

Making the announcement in a press release, Commerzbank stated that the crypto custody license now makes it the first full-service German bank to be approved for this particular service.

The license gives the bank the needed legal coverage to craft a broad range of digital asset services, with a particular focus on cryptocurrencies.

However, securing the license is just the first stepping stone in a long path. According to Commerzbank, it would work on establishing a secure and reliable platform with full regulatory compliance.

This platform will support its institutional-based clients and enable them to access crypto custodial services for assets based on blockchain technology.

Speaking on the milestone event, Commerzbank’s Chief Operating Officer, Dr Jörg Oliveri del Castillo-Schulz, stated that the license approval was a significant milestone in the bank’s quest to craft crypto-native services for its teeming customers.

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