Commerzbank, a major German bank, has secured a crypto custody license from local regulators, marking a significant milestone as the first “full-service” bank in Germany to achieve this recognition under the legal framework of the German Banking Act. The license empowers Commerzbank to provide custody services for crypto assets and positions it to offer “further digital asset services” in the evolving financial landscape.
Jörg Oliveri del Castillo-Schulz, the Chief Operating Officer of Commerzbank, expressed the importance of this achievement as a crucial milestone. He emphasized the bank’s commitment to embracing the latest technologies and innovations, framing the crypto custody license as a foundation for supporting customers in the realm of digital assets.
Commerzbank plans to take its next step by establishing a secure and reliable platform that fully complies with local regulations. The bank aims to support institutional clients through crypto custody services facilitated by blockchain technology.
The announcement from Commerzbank follows a trend in Germany’s banking sector, where DZ Bank, the country’s third-largest bank, unveiled its crypto custody offerings for institutional investors on November 6. DZ Bank introduced a platform designed for processing and storing digital financial instruments, coupled with an application for a crypto custody license in June 2023.
The development highlights the growing interest and acceptance of cryptocurrencies and digital assets within the traditional banking sector in Germany. Earlier in the year, Deutsche WertpapierServiceBank launched its wpNex crypto trading platform, providing access to the digital asset industry for 1,200 banks and savings banks in the country.
As Germany continues to witness increased involvement in the crypto landscape, the approval of Commerzbank’s crypto custody license underscores the industry’s evolution and the growing acknowledgment of digital assets within mainstream financial institutions.