Commerzbank is first German full-service bank to be granted Crypto Custody Licence
November 15, 2023 - Commerzbank has announced that it is the first German full-service bank to be granted a Crypto Custody Licence, in accordance with Article 1 Section 1a Sentence 1 No 6 of the German Banking Act (KWG). This significant milestone positions the bank to expand its suite of digital asset services, with a strong focus on crypto assets.
The immediate objective for Commerzbank is to establish a secure, trustworthy platform that complies with all regulatory requirements. This platform will provide institutional clients with comprehensive custody services for crypto assets based on blockchain technology.
Dr. Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank, commented, "Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets."
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