Commerzbank has made a significant stride in the digital asset sector by becoming the first German full-service bank to receive a Crypto Custody License.
The fourth-biggest bank in Germany, Commerzbank AG, has been granted a regulatory custody license for cryptocurrency. Commerzbank is now the first full-service bank in Germany to hold this kind of license, which is a big step toward integrating digital assets with conventional banking services.
Commerzbank is authorized by the German Banking Act (KWG)’s Article 1 Section 1a Sentence 1 No. 6 to provide a wide range of services related to digital assets.
This action is in line with the bank’s strategic ambition to improve its service offerings, particularly in the cryptocurrency space, by utilizing cutting-edge technologies.
Commerzbank’s first goal is to develop a stable and safe platform that complies with regulatory requirements to make it easier for its institutional clients to hold cryptocurrency assets.
Because this network is built on blockchain technology, users may be assured of high security and dependability. Commerzbank’s Chief Operating Officer, Dr. Jörg Oliveri del Castillo-Schulz, stressed the importance of this breakthrough.
Thanks to this accomplishment, he underlined that the institute will be able to assist its clients in navigating the rapidly changing world of digital assets.
Significant progress has lately been made in Germany regarding institutional bodies adopting cryptocurrencies. This year, the nation saw a 3% growth in blockchain funding, and it played host to numerous significant blockchain events.
Germany was also recently chosen by Coinbase as a major focus for talent development due to the country’s increasing usage of web3 technology relative to the United States.
