By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Crypto > Deutsche Bank Applies For Crypto Custody License: Bloomberg
Crypto

Deutsche Bank Applies For Crypto Custody License: Bloomberg

News Room
Last updated: 2023/06/20 at 1:50 PM
By News Room
Share
3 Min Read
SHARE

Germany’s largest financial institution Deutsche Bank AG is seeking regulatory permission to operate a custodial platform to offer cryptocurrencies. 

Contents
Deutsche Bank First Hinted Crypto Plans In 2020German Regulators Welcome Crypto Firms

Deutsche Bank has filed for regulatory permission with German’s Federal Financial Supervisory Authority (BaFin) to offer crypto custodial services.

The German bank currently holds assets worth $1.34 trillion and is the ninth-largest European bank. 

The head of the German bank’s commercial banking unit, David Lynne, confirmed the news in a press conference Tuesday, Bloomberg reported. 

“We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset licence,” 

The latest regulatory permission is part of a wider strategy to increase fee income at Deutsche Bank’s corporate bank, Lynne added. 

Deutsche Bank First Hinted Crypto Plans In 2020

Deutsche Bank’s corporate bank divisions first hinted at its cryptocurrency custodial plans in late 2020, but it did not specify as to when it will offer such services. 

The corporate bank divisions were then run by Stefan Hoops. Lynne took over the division a year ago when Hoops joined DWS as chief executive officer.

Earlier this year, Deutsche Bank called for a tighter regulatory framework around cryptocurrencies in its research paper. 

The German bank also cited the fall of FTX exchange in its research to justify a tighter regulatory framework. 

Bloomberg reported on February 8 that Deutsche Bank’s asset management company DWS Group was looking to invest in two German crypto companies as part of its growth strategy.

The bank at the time was in the negotiation stage to buy a minority stake in Deutsche Digital Assets as well as trading firm Tradias, which is owned by Bankhaus Scheich. 

Though there has been no update on the matter since. 

German Regulators Welcome Crypto Firms

Germany’s financial regulators have been welcoming to crypto companies in general. 

The European country’s lawmakers introduced a bill to allow crypto custody and trading services across all German banks and other licensed institutions in 2019 by amending the European Union’s Fourth Anti-Money Laundering Directive.

By late last year, BaFin successfully issued four licenses for cryptocurrency custody and provisional permits to 14 financial institutions. The subsidiary of American crypto exchange Coinbase, Coinbase Germany, became the first company to get a BaFin license for operating a crypto custody platform in June 2021.

Read the full article here

News Room June 20, 2023 June 20, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Stocks close in the red, tariff, trade policies, and the impact on markets AI toys

Watch full video on YouTube

Why U.S. businesses are jumping on the Dubai chocolate craze

Watch full video on YouTube

Client Challenge

Client Challenge JavaScript is disabled in your browser. Please enable JavaScript to…

Donald Trump’s escalating attacks on Federal Reserve unnerve investors

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Spain overtakes Germany as top EU asylum destination

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Crypto

'Fundamental Shift' in Traditional Bitcoin Market Cycle May Be on the Horizon

By News Room
Crypto

FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?

By News Room
Crypto

Mastercard Launches “Crypto Credential” To Replace Wallet Addresses With Usernames

By News Room
Crypto

Polygon Executive Pivots Roles To Developing ZK Proof Tech

By News Room
Crypto

Altcoin Interest Driving South Korean Crypto Craze – Report

By News Room
Crypto

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

By News Room
Crypto

BitGo’s $100M Suit Against Galaxy Gets Green Light from Delaware Supreme Court

By News Room
Crypto

Here Are Your Top Crypto Gainers Today on DEXScreener

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?