Deutsche Bank applies for a license to store cryptocurrencies
The bank plans to increase the profitability of its digital asset business
20.06.2023 - 11:00
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What’s new? Germany’s largest bank, Deutsche Bank, has applied for a license from the local regulator to provide custody services for digital assets, including cryptocurrencies. The application comes amid growth in the financial institution’s business, Bloomberg reports.
What else is known? Deutsche Bank filed an application with the German Federal Financial Supervisory Authority (BaFin) on June 20, according to David Lynne, head of the bank’s credit commercial unit. The move is part of a broader strategy to boost fee income in the bank’s corporate sector. It also reflects efforts by DWS Group’s investment arm to increase income from services related to digital assets.
“We’re building out our digital assets and custody business,” Lynne added.
DWS Group first announced plans to introduce custodial storage of digital assets in late 2020. In September 2021, Deutsche Bank analyst Marion Laboure said that bitcoin could become the digital equivalent of gold, despite its volatility. In February 2022, she made a similar statement, adding that the asset needs to be formally adopted as a hedge if it is to grow in popularity among investors.
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Cryptocurrency regulation in Germany. In the first quarter of 2022, Germany ranked first in an international ranking of crypto-friendly countries. The primacy was due to the decision to include crypto investments in the process of domestic savings. Singapore, the US, Australia, and Switzerland were also in the top five. In May, the government abolished the tax on the sale of BTC and ETH stored for more than a year.
Meanwhile, German law requires banks to obtain a BaFin license to work with cryptocurrencies. In March 2023, the regulator also allowed the possibility of recognizing non-fungible tokens (NFTs) as securities.
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