Deutsche Börse Owned Crypto Finance Gets German License, Parent Ready To Launch Exchange
Crypto Finance's German subsidiary has received four licenses from Germany's Federal Financial Supervisory Authority (BaFin). The Crypto Finance licenses come as its parent company, Deutsche Börse, prepares to launch a digital exchange.
Crypto Finance (Deutschland) is an institutional-level provider of digital asset investment products, protection and trading. It is already regulated by the Swiss Financial Market Supervisory Authority, or FINMA. German licenses allow it to engage in digital asset trading, settlement and custody services for institutions in Germany.
Deutsche Börse has acquired a majority stake in the Swiss-based crypto financial group in 2021. Crypto Finance offers products on six exchanges in Switzerland, where it launched the first Swiss crypto asset investment fund.
Related: This is why Germany is the most crypto-friendly country.
Deutsche Börse announced plans in November to launch a cryptocurrency exchange targeting institutional users. The new exchange is called DBDX and is expected to launch this year. Stijn Vander Straeten, CEO of Crypto Finance Group, spoke about the BaFin approvals:
“This demonstrates our commitment to transparency and security, but also positions us as a trusted entity in the market, contributing to the development of a secure ecosystem for crypto assets.”
Therefore, Crypto finance is well prepared to play a role in the new exchange ecosystem. D7, the digital asset securities registry established by Deutsche Börse's subsidiary Clearstream, could be a key component of the new exchange.
By receiving BaFin's approval, crypto-finance has positioned itself in the markets within the regulatory framework for Crypto-Assets (MiCA), parts of which will come into effect in 2024.
Listen!!! One of the largest exchange organizations has confirmed that digital assets are coming – the CEO of Deutsche Börse, the timing is not clear! But he mentioned the 2026 strategy $AGIX $QNT$XRP$HBAR $CSPR pic.twitter.com/93NYdVsW7c
— Cypress Demanincor (@CDemanincor) November 21, 2023
Deutsche Börse owns the Frankfurt exchange, which operates the Deutsche Börse Extra digital exchange.
Baffin rejected an application for a crypto holding license from Binance in June 2023, shortly after Deutsche Bank approved the same. The Börse Stuttgart approved Digital Blocknox's application for retention in March. Boerse Stuttgart is a competitor of the Deutsche Boerse. In November, it also approved US-based BitGo as a crypto guardian.
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