Commerzbank granted crypto protection license in Germany
According to the lender's announcement on November 15, the German bank Commerzbank has been granted a crypto protection license by local regulators.
Commerzbank says it is the first “full service” in the country to be granted this license within the legal framework of German banking law. This allows it to offer protection of crypto assets and enables it to offer “additional digital asset services”.
Commerzbank Chief Operating Officer Jorge Oliver del Castillo-Schulz said getting the license was a “significant milestone”.
“This underscores our ongoing commitment to implementing new technologies and innovations, and will be the basis for supporting our customers in their digital assets.”
The bank says its first step now is to establish a “safe and secure” platform that fully complies with local regulations and is supporting its institutional clients with crypto protection services on the blockchain.
Cointelegraph reached out to Commerzbank for more information on the development.
Related: Crypto banking app Bitwala relaunches with new partnership with Striga
The development from Commerzbank follows similar news from Germany, where DZ Bank, the country's third-largest bank, announced its offering of crypto protection to institutional investors on November 6.
DZ Bank announced a new platform for processing and storing digital financial instruments. It also said it has applied for a crypto holding license in June 2023 to allow institutional investors and private clients to buy cryptocurrencies.
In September, US crypto watchdog BitGo received approval from Germany's Federal Financial Supervisory Authority to expand compliance with local regulations after serving as a dedicated local branch for three years.
The crypto landscape in Germany has gained a lot of momentum in the past year. In March, Deutsche Wertschaftsbank launched the wpNex crypto trading platform, offering 1,200 banks and savings banks in Germany access to the digital asset industry.
Magazine: Rethinking Ethereum: Blockchain Innovation or Dangerous House of Cards?
