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Commerzbank granted crypto custody license in Germany

The German financial institution Commerzbank has been granted a crypto custody license by native regulators, in accordance with an announcement launched by the lender on Nov. 15. 

Commerzbank says it’s the first “full-service” German financial institution to be granted this license within the nation beneath the authorized framework of the German Banking Act (KWG). This enables it to supply custody of crypto belongings and can allow it to supply “additional digital asset companies.”

Dr. Jörg Oliveri del Castillo-Schulz, the chief working officer of Commerzbank, stated that buying the license is an “necessary milestone.”

“This highlights our ongoing dedication to making use of the most recent applied sciences and improvements, and it kinds the inspiration for supporting our clients within the areas of digital belongings.”

The financial institution says its first step now could be to determine a platform that’s each “safe and dependable” and absolutely complies with native laws whereas supporting its institutional purchasers by means of crypto custody companies through blockchain.

This can be a growing story, and additional info might be added because it turns into obtainable.

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