Published: 21.04.2022
Article reading time:
1 min.
Commerzbank, one of the largest financial institutions in Germany, has applied for a license to work with cryptocurrencies. This is the first such move by a major German bank.
According to local publication Borsen-Zeitung, Commerzbank filed a corresponding application in the first quarter of 2022. If approved, the bank will be able to provide services for the exchange of cryptocurrencies, their storage and insurance.
The licensing of cryptocurrency companies was introduced by the German Federal Financial Supervisory Agency (BaFin) back in January 2020.
Commerzbank currently serves 18 million individuals and over 70,000 institutional clients. Cryptocurrency services will be designed specifically for the second category of customers.
Earlier it was reported that BaFin is considering more than 25 applications for licensing work with cryptocurrencies. The German division of the American exchange Coinbase in mid-2021 became the first company to receive such a license.
Coincub researchers named Germany the most cryptocurrency-friendly country in the first quarter of 2022. The top five included Germany, Singapore, USA, Australia and Switzerland.
Source: Bits
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