Germany’s Commerzbank gets crypto license
Commerzbank has become the first full-service bank in Germany to receive regulatory approval for crypto securities.
Commerzbank, one of the big four banks in Germany, has taken a major step towards providing its customers with secure digital asset protection. This comes after it became the first full-service bank in the country to get a crypto guardian license from the Federal Financial Supervisory Authority (BAFIN).
The regulatory approval was granted under the German Banking Act (KWG), Frankfurt-based Commerzbank said in an announcement on Wednesday.
Commerzbank eyes crypto protection
According to the details included in the press release, the license allows the bank to develop solutions for digital asset services, including those specifically targeting crypto assets.
“Now that we've been granted the license, we've reached an important milestone. This underscores our continued commitment to implementing new technologies and innovations, and lays the foundation for supporting our customers around digital assets,” said Commerzbank COO Dr. Jorge Oliver del Castillo-Schulz.
Providing protection for crypto assets allows the bank to serve a wider range of clients, including those from the growing blockchain technology industry.
According to CoinJournal, Germany's top bank Deutsche Bank announced a partnership with the Swiss-based crypto firm Taurus in September. The collaboration enables the bank to provide security solutions for digital assets and tokenized financial instruments.