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Germany's Commerzbank Wins Crypto Custody License

It's the first German full-service bank to be granted the custody license, according to a statement.

By Sandali Handagama|Edited by Stephen Alpher

Updated Nov 15, 2023, 1:17 p.m. Published Nov 15, 2023, 1:16 p.m.

Commerzbank Tower in financial district, Frankfurt, Germany (Marco Bottigelli/Getty)

Commerzbank AG has obtained a crypto custody license in Germany, the company announced Wednesday.

The license will let the Frankfurt-headquartered global bank offer a broad range of digital asset services, "with particular emphasis on crypto assets," the announcement said.

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Winning a crypto license from Germany's cautious financial markets regulator BaFin has proven an uphill battle for companies looking to offer related services. According to Commerzbank, it's the first full-service bank in Germany to obtain the license and hopes to set up a secure custody platform for digital assets.

“Now that we have been granted the license, 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,” Dr. Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank said in a press statement.

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Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali