Commerzbank has become the first full-service German bank to receive a Crypto Custody License to develop its digital asset services.
The licence was granted in accordance with the German Banking Act (KWG). It will give Commerzbank the right to build up a portfolio of digital asset services, with a particular focus on crypto.
The bank has revealed that the first step in its strategy after successfully acquiring the licence will be to work on creating a platform that includes full regulatory compliance for the provision of crypto asset custody and blockchain technology to institutional clients.
Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank, commented: “Now that we have been granted the licence, 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.”
Germany’s crypto service licensing regime was introduced back in 2020 to satisfy a regulatory shift in the EU’s AML Directive.
Commerzbank handed in its application in mid-2022, with the biggest German bank Deutsche Bank doing the same this summer.