Commerzbank has become the first full-service bank in Germany to be granted a crypto custody license.
The license will allow the bank to offer a range of digital asset services with a particular emphasis on crypto assets.
Commerzbank said it will now set up a secure platform which meets regulatory and compliance requirements.
The bank will use the new platform to offer its institutional clients custody services for crypto assets based on blockchain technology.
“Now that we have been granted the licence, we have achieved an important milestone,” said Dr Jörg Oliveri del Castillo-Schulz, chief operating officer of Commerzbank. “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.”
In June, fellow German bank Deutsche Bank applied for a digital asset license in an attempt to expand its revenue streams. Deutsche Bank’s investment business DWS Group also made an attempt to increase revenue from products linked with digital assets, when the firm tried to buy a minority stake in Deutsche Digital Assets in February 2023.
Latest News
-
UK regulators launch inquiry into Big Tech digital wallets
-
Citi taps Barclays for new commercial head
-
Santander launches digital sign language service
-
Anne Boden steps down from Starling board to 'develop AI business'
-
NatWest payments arm partners with JD Wetherspoon
-
Government stake in NatWest drops below 20 per cent
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories