Commerzbank Granted Crypto Custody Licenceby Fintechnews Switzerland November 17, 2023
Commerzbank is the first German full-service bank to be granted the Crypto Custody Licence pursuant to Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG). The licence will enable the Bank to build up a broad range of digital asset services, with particular emphasis on crypto assets.
The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.
“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,”
commented Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank.