Commerzbank has become the first major German full-service bank to obtain a cryptocurrency custody license from the German Federal Financial Supervisory Authority and European Central Bank. This regulatory approval enables Commerzbank to expand its offerings in the digital asset space by providing custodial services for cryptocurrencies and other crypto assets.
As one of Germany’s leading banks with an extensive corporate customer base, Commerzbank obtaining the crypto custody license represents a significant milestone. It highlights the increasingly crypto-friendly stance of German regulators. Germany has emerged as one of the most progressive regulatory environments for cryptocurrencies in Europe. Recent developments include regulations allowing companies to issue shares via blockchains and formulating consumer protection measures under German jurisdictions.
According to Commerzbank’s Chief Operating Officer Dr. Jörg Oliveri del Castillo-Schulz, gaining the cryptocurrency custody license is an important step for the bank’s ambitions to establish itself as a provider of comprehensive digital asset services. He emphasized that Commerzbank remains committed to embracing new technologies and innovations in the banking sector.
The custody license will allow Commerzbank to build a secure and compliant platform using blockchain technology to provide custodial services for a range of cryptocurrencies. As a major bank that facilitates around 30% of Germany’s foreign trade and serves over 11 million retail and corporate customers, Commerzbank’s expansion into crypto reflects wider mainstream adoption in the country’s financial sector.
Other major crypto companies like BitGo have also received regulatory approval in Germany recently, highlighting its positive stance. With its robust legal frameworks and regulatory clarity, Germany has emerged as Europe’s second-largest crypto economy according to Chainalysis. Commerzbank obtaining the landmark custody license cements Germany’s position as one of the most crypto-friendly jurisdictions globally.
