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Germany's Commerzbank Wins Crypto Custody License

It's the first German full-service bank to be granted the custody license, according to a statement.

By Sandali Handagama
AccessTimeIconNov 15, 2023 at 1:16 p.m. UTC
Updated Nov 15, 2023 at 1:17 p.m. UTC
Commerzbank Tower in financial district, Frankfurt, Germany (Marco Bottigelli/Getty)
Commerzbank Tower in financial district, Frankfurt, Germany (Marco Bottigelli/Getty)
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Commerzbank AG has obtained a crypto custody license in Germany, the company announced Wednesday.

The license will let the Frankfurt-headquartered global bank offer a broad range of digital asset services, "with particular emphasis on crypto assets," the announcement said.

Winning a crypto license from Germany's cautious financial markets regulator BaFin has proven an uphill battle for companies looking to offer related services. According to Commerzbank, it's the first full-service bank in Germany to obtain the license and hopes to set up a secure custody platform for digital assets.

“Now that we have been granted the license, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” Dr. Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank said in a press statement.

Edited by Stephen Alpher.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama
Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Follow @iamsandali on Twitter

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