Key Insights
- Commerzbank AG has successfully secured a crypto custody license from Germany’s regulatory body, BaFin.
- This license allows the bank to offer a wide range of digital asset services, with a specific focus on crypto assets.
- Commerzbank becomes the first full-service bank in Germany to obtain this license.
Frankfurt, Germany – Commerzbank made history today by becoming the first full-service bank in Germany to receive a cryptocurrency custody license from the country’s financial regulator, BaFin.
The license will allow Commerzbank to offer a wide range of digital asset services to its clients, with a focus on cryptocurrencies like Bitcoin and Ethereum. Commerzbank plans to leverage the license to build a secure custody platform for digital assets, providing institutional-grade security for crypto holdings.
Obtaining this license is a significant milestone for Commerzbank, said Dr. Jörg Oliveri del Castillo-Schulz, Chief Operating Officer. It demonstrates our commitment to embracing the latest financial technologies and innovations. This license lays the groundwork for us to support our customers as they adopt and utilize digital assets.
Germany has established itself as one of the strictest regulatory environments for cryptocurrencies globally. Earning BaFin’s approval is no easy feat, as the regulator has high standards for consumer protection, anti-money laundering controls, and custody security.
As a major financial institution with over 11 million clients worldwide, Commerzbank brings significant credibility and trust to the nascent digital asset industry. The bank plans to leverage its new status as a licensed crypto custodian to accelerate institutional adoption of cryptocurrencies in Germany and beyond.