Commerzbank acquires Crypto Custody License

It seems like Commerzbank has obtained the Crypto Custody Licence, making it the first full-service bank in Germany to do so. This license, granted under Article 1 Section 1a Sentence 1 No 6 of the German Banking Act (KWG), allows Commerzbank to offer a range of digital asset services, focusing particularly on crypto assets. The bank’s initial step is to establish a secure and compliant platform to provide custody services for institutional clients dealing with crypto assets based on blockchain technology.

The Chief Operating Officer of Commerzbank, Dr. Jörg Oliveri del Castillo-Schulz, expressed the significance of this achievement as a crucial milestone. He emphasised the bank’s dedication to adopting the latest technologies and innovations and noted that the license lays the foundation for supporting customers in the realm of digital assets.

This move suggests that Commerzbank is positioning itself to play a role in the evolving landscape of digital assets and blockchain technology, catering to the growing demand for crypto-related financial services.