Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
Germany’s Commerzbank (CBK) applied for a crypto licence earlier this year, a spokesperson for the bank told local media. This would make it the first major bank in Germany to move towards crypto adoption.
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Local media outlet Börsen-Zeitung said that a spokesperson from the bank confirmed on April 14 that it “applied for the crypto custody license in the first quarter of 2022.”
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The application is to get authorization to offer exchange services along with custody and protection of crypto-assets.
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Commerzbank is Germany’s second-largest listed bank and is partly owned by the government.
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Germany had brought in a new law, effective Jan. 1, 2020, that would encourage German Banks to offer crypto services. The law required any business seeking to offer crypto services in Germany to seek a licence from BaFin, Germany’s Federal Financial Supervisory Authority.
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BaFin has received 25 applications for approval as a crypto custodian so far but has only approved four so far.
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Commerzbank was not immediately available for comment at the time of writing.
UPDATE (April 21, 05:52 UTC): Adds request for comment disclosure in the fifth bullet.
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Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
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