Germany Moves Forward in Adopting Crypto and Offering Other Exchange Services

7:52 am, Thu, 21 April 22

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Germany has been supportive of crypto assets for quite some time. In June 2021, Coinbase Germany became the first exchange to be approved by the regulator.

Upvest, a Berlin-based financial technology firm, was also recently approved to receive a license in March.

However, this is not all, as it has been reported that a banking giant in the country has now also applied for a crypto license. This license will offer access to several crypto-related services, making the bank the first to move towards crypto assets in the country.

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Germany’s Bank Applies for Crypto License

Commerzbank is one of the largest banking institutions in Germany. A spokesperson for Commerzbank recently revealed to the local media that the bank has applied for a crypto license with BaFin.

The banking behemoth applied for the license earlier this year, which makes it the first major bank that has made a prominent move towards crypto assets in Germany.

Commerzbank has more than 18 million customers and 70,000+ institutional clients. If Commerzbank’s application is approved, it will be certified to offer exchange services as well as protection and custody of digital currencies.

The bank will reportedly focus its crypto offerings on the institutional client base.

It has been involved in blockchain projects since 2018. Germany is a crypto-friendly country that also formulated and introduced rafts of reforms and regulations for a vast adoption of crypto and blockchain technologies in 2021.

In August 2021, Commerzbank collaborated to establish blockchain-based digital marketplaces for asset classes such as real estate and art.

People in Germany are quite fascinated by and inclined towards adopting crypto assets. This is why several companies in the country want to operate crypto custody businesses.

At the moment, only four companies have been approved by BaFin. However, the regulator has revealed that more than 25 applications from different companies are pending approval.

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Are you a New Crypto Investor?

People who have been buying and trading crypto assets for quite some time are considerably more confident about the value and significance of digital currencies as compared to novice parties.

New or potential crypto investors may be unfamiliar with numerous aspects of crypto investing or trading and may even come across some uncertainties and security risks.

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  • New users should opt for one of the largest crypto exchanges.
  • They should monitor the price movements of the digital asset they want to buy.
  • They should begin by investing as much as they can afford to lose.

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