Commerzbank Applies for Crypto License

Commerzbank Applies for Crypto License
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BUSINESS

Commerzbank Applies for Crypto License

Commerzbank applies for the license with BaFin earlier this year, a first for a large German bank.

04/21/2022

One of the largest banking institutions in Germany has confirmed it applied for a local crypto license earlier this year. Marking the first time a major bank has made a move toward cryptocurrencies in the country.

A spokesperson from Commerzbank confirmed to local media outlet Börsen-Zeitung on April 14 that it “applied for the crypto custody license in the first quarter of 2022.” If approved, it will offer exchange services along with custody and also protection of crypto-assets.

Commerzbank intends to provide crypto services in Germany

Commerzbank has over 18 million users and over 70,000 institutional clients, and the cryptocurrency service aims at the latter.

Since January 1, 2020, any company intending to provide cryptocurrency services in Germany must first obtain approval from the BaFin (Germany’s Federal Financial Supervisory Authority).

Currently, only four companies have received approval, but BaFin reports that it has over 25 applications pending from enterprises interested in operating crypto custody operations.

Germans are "inspired to invest in cryptocurrencies”

Commerzbank has been involved in blockchain projects since 2018, and also the following year. It participated in some of the first transactions on a distributed ledger technology (DLT) secure lending platform alongside other big bank.

Recently, in August 2021, the company announced a collaboration to create blockchain-based digital marketplaces for existing asset classes such as art and real estate.

In 2021, Germany will implement a slew of reforms and laws, as well as expand its use of blockchain technology and cryptocurrencies.

German investors are likewise interested in embracing cryptocurrency. According to a report, 44 percent of Germans are “inspired to invest in cryptocurrencies.” Also, 37 percent of German crypto investors have been trading cryptocurrencies for more than a year.

By Elah Mae Ariate Wozinga Staff

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