German Bank Launches Digital Assets Unit to Offer Custody Products
Berlin-based solarisBank has opened a subsidiary to offer a white-labeled custody product to nonbanks interested in offering crypto products.
Blocknox, a subsidiary of the second-largest German stock exchange, is expanding its crypto custody service to institutional players.
One of the oldest banks in Europe, von der Heydt, is developing a euro stablecoin to facilitate private placements in securities tokenized on the Stellar blockchain.
Coronavirus drove blockchain startup Spherity to develop a decentralized ID prototype for interacting with healthcare providers and pharmacies.
In its latest guidance released in January, the regulator said firms already custodying digital assets for Germans would not be penalized for not having a license. Instead, they’d be grandfathered into the same protection that crypto custody firms based in Germany already have under the new law.
While a grandfather clause allows crypto custodians to keep serving German customers without being penalized, those same companies are waiting on financial regulator BaFin to release final regulations around the law.