German bank applied for a license to work with crypto assets
If the application is approved, Commerzbank will be able to offer cryptocurrency exchange services
21.04.2022 - 10:45
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What’s new? Germany’s bank Commerzbank (CBK) has applied for the crypto custody license, which also implies an exchange permit. This move can make CBK the first major bank in Germany to move to the adoption of cryptocurrencies. A bank spokesperson told the outlet Börsen-Zeitung that CBK has applied in the first quarter of 2022.
What had happened before? Germany has adopted new legislation for German banks wishing to handle cryptocurrencies. The law requires organizations to request a license from the German Federal Financial Supervisory Authority (BaFin). The regulator has already received 25 applications from financial institutions for approval as a cryptocurrency custodian but has only approved four so far. Among the companies that have received BaFin’s approval is the German arm of the Coinbase crypto exchange, Coinbase Germany.
Earlier, the Central Bank of Portugal (Banco de Portugal) granted the country’s first license to Bison Bank to operate as a crypto bank. The bank was granted permission to launch a special company, Bison Digital Assets, which will provide custodial and exchange services of cryptocurrencies
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