The German bank Commerzbank is the first full-service bank in the country to receive a crypto custody license from local regulators.
The German bank Commerzbank has been granted a crypto custody license by local regulators, according to a Nov. 15 announcement by the lender.
Commerzbank says it is the first “full-service” German bank to be granted this license in the country under the legal framework of the German Banking Act. This allows it to offer custody of crypto assets and will enable it to offer “further digital asset services.”
Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank, said that acquiring the license is 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.”
The bank said its first step now is to establish a platform that is both “secure and reliable” and fully complies with local regulations while supporting its institutional clients through crypto custody services via blockchain.
Cointelegraph reached out to Commerzbank for further information on the development.
Related: Crypto banking app Bitwala relaunches via new partnership with Striga
The development from Commerzbank follows similar news out of Germany, where the country’s third-largest bank, DZ Bank, revealed its crypto custody offerings for institutional investors on Nov. 6.
DZ Bank announced a new platform for processing and storing digital financial instruments. It also said it applied for a crypto custody license in June 2023 to allow institutional investors and private customers to buy cryptocurrencies.
In September, United States crypto custody firm BitGo received a license from the German Federal Financial Supervisory Authority to expand its compliance with local regulations after three years of operating its dedicated local subsidiary.
The crypto landscape in Germany has gained significant momentum over the last year. In March, Deutsche WertpapierServiceBank launched its wpNex crypto trading platform, offering 1,200 banks and savings banks in Germany access to the digital asset industry.
Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?