The fourth largest bank in Germany, Commerzbank, has officially been granted a crypto custody license. Moreover, the financial institution is now the first full-service bank to be granted such a license from German regulators, according to a statement released Wednesday.
The license will allow the bank to custody digital assets as well as other crypto services for clients. Additionally, the bank states its aim to “establish a secure custody platform for digital assets” through the granted license.
Germany’s Fourth Largest Bank Granted Crypto Custody License
In what may certainly be a landmark event, Germany’s Commerzbank has been granted a crypto custody license. Indeed, the fourth-largest bank in the country is now the first “full-service” bank to be granted such approval. Moreover, the license was given through the country’s German Banking Act (KWG).
The license will now allow Commerzbank to provide crypto custody for its clients. However, they will also be set to offer those clients “further digital asset services,” according to a released statement. Subsequently, Dr. Jorg Oliveri del Castillo-Schulz, the bank’s chief operating officer, noted the importance of the development.
“This highlights our ongoing commitment to applying the latest technologies and innovations,” Schulz stated. “It forms the foundation for supporting our customers in the areas of digital assets.”
The key aspect of the license reception is that it provides a foundation for Commerzbank to “build up a broad range of digital asset services.” However, they have reiterated that the first step is reliability in their custody platform. Still, it continues to enforce the bank’s “emphasis on crypto assets.”