One of Germany’s largest banks, Commerzbank has applied for a crypto license. This makes it one of the first major banks in the country to move toward crypto adoption.
A spokesperson for the bank confirmed to Börsen-Zeitung, a local media outlet that the bank filed for a “crypto custody license” in the first quarter of 2022.
If approved, Commerzbank would be allowed to offer crypto exchange services as well as custody and protection of crypto assets. This license will let the bank offer crypto services to its institutional clients.
Commerzbank is a commercial bank headquartered in Frankfurt, Germany. The bank is home to over 18 million customers and 70,000 institutional clients.
According to the laws in Germany, any company which wants to offer crypto services must gain approval from the Federal Financial Supervisory Authority, BaFin.
BaFin states that it has over 25 pending applications from various firms to offer crypto services. Currently, only four companies have had approval from BaFin.
Traditional banks across the world have been slowly getting involved in the crypto industry. In Portugal, Bison Bank became Portugal’s first bank to provide virtual asset services for crypto. Bison Digital Assets is to be the first entity in Portugal owned by a bank and allowed by the banking supervisor to hold and facilitate crypto trading.
