Commerzbank Becomes First German Bank to Obtain Cryptocurrency License
The fourth largest bank in Germany, Commerzbank, has recently obtained a cryptocurrency license, making it the first bank in the country to fully integrate cryptocurrency services.
This license marks a significant development in the rapid shift of traditional finance towards embracing cryptocurrencies.
Commerzbank has become the first ‘full-service bank’ in Germany to obtain a cryptocurrency custody license under the German Banking Act (KWG). This license enables Commerzbank to offer services related to digital assets, such as cryptocurrency custody, to its clients. In light of this achievement, the bank plans to establish a new platform to support its institutional clients.
“We have reached an important milestone. This highlights our ongoing commitment to implement the latest technologies and innovations, and forms the foundation for supporting our clients in the digital asset space,” the bank stated in a press release.
An Increasing Interest of Banks in Cryptocurrencies
Commerzbank’s interest in cryptocurrency services dates back to April 2022, with a license application filed with BaFin in January of the same year.
It is worth noting that Commerzbank is not the only German bank exploring cryptocurrency custody. Other major institutions, such as Deutsche Bank, have also expressed their desire to offer custody services for certain cryptocurrencies and stablecoins, in partnership with Swiss companies specializing in crypto.
This development at Commerzbank is a clear indication of the growing integration of cryptocurrencies in the traditional financial sector, paving the way for new opportunities and challenges in the global financial landscape.