German banking large Commerzbank applies for crypto license

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One of many largest banking establishments in Germany has confirmed that it utilized for an area crypto license earlier this yr, marking the primary time a significant financial institution has made a transfer towards cryptocurrencies within the nation.

A spokesperson from Commerzbank confirmed to native media outlet Börsen-Zeitung on April 14 that it “utilized for the crypto custody license within the first quarter of 2022.” If accredited, it will be licensed to supply trade providers together with custody and safety of crypto-assets.

Commerzbank serves over 18 million prospects and over 70,000 institutional shoppers, and the cryptocurrency providing will reportedly goal its institutional consumer base.

Since January 1, 2020, any enterprise wishing to supply cryptocurrency providers in Germany should first search approval from the Federal Monetary Supervisory Authority, often known as BaFin.

At present, solely 4 corporations have approval, however BaFin states it has over 25 purposes pending from corporations wishing to function crypto custody companies.

Coinbase Germany was the primary to be accredited by the regulator in June 2021, and the Berlin-based monetary know-how agency Upvest was most just lately accredited for a license in March.

Associated: ‘Let’s construct a Europe the place Web3 can flourish:’ Crypto corporations signal an open letter to EU regulators

Commerzbank has seen involvement in blockchain initiatives way back to 2018 and carried out a number of the first transactions on a distributed ledger know-how (DLT) safety lending platform with different main banks the next yr.

Extra just lately, in August 2021, the agency partnered to develop blockchain-based digital marketplaces for current asset lessons corresponding to artwork and actual property.

Germany launched a raft of reforms, rules and additional adoption of blockchain know-how and cryptocurrencies in 2021.

German traders are additionally eager on adopting crypto. A March report by KuCoin revealed that 44% of Germans are “motivated to put money into cryptocurrencies” and “37% of German crypto traders have been buying and selling cryptocurrencies for over a yr.”

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