German banking giant Commerzbank applies for crypto license
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As the cryptocurrency market spreads across all parts of the world and various industries, banking institutions are facing increased demand from clients to offer crypto-related services and investments in a safe and regulated way.
One of the banks that has taken its first steps in introducing digital asset-related services is German-based Commerzbank, which has announced its application for the country’s Federal Financial Supervisory Authority (BaFin) license for a crypto custody business.
Specifically, Commerzbank’s representative said that the bank “applied for the crypto custody license in the first quarter of 2022,” as first reported by Börsen-Zeitung on April 14.
Indeed, the authority grants the BaFin license to financial institutions that want to store digital currencies for clients and also to trade them. Since January 1, 2020, this license has been mandatory for doing business with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
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