Deutsche Bank Seeks Regulatory Approval to Operate as Crypto Custodian in Germany
Deutsche Bank AG, a prominent banking institution, has officially applied for regulatory permission to serve as a crypto custodian in Germany, the bank announced on Tuesday. This development follows closely after asset management giant BlackRock’s recent filing with the SEC to establish a spot bitcoin exchange-traded fund (ETF).
A spokesperson from Deutsche Bank confirmed the application for a crypto custody license from BaFin, Germany’s financial regulator, stating, “I can confirm that we applied for the BaFin license for crypto custody.”
In February 2021, the bank had expressed its exploration of cryptocurrency custody services with the aim of providing an institutional-grade hot/cold storage solution backed by insurance-grade protection.
Deutsche Bank intends to introduce a digital asset custody platform in a phased manner. This platform will eventually enable users to engage in buying and selling digital assets through prime brokers. Additionally, it will offer a range of services such as taxation, valuation services, fund administration, lending, staking, voting, and more.