Deutsche Bank Applies for License to Offer Crypto Custody Service

Deutsche Bank, the largest slope successful Germany, is seeking regulatory support to connection custody services for integer assets, including cryptocurrencies. A Deutsche Bank enforcement explained that the integer plus determination is portion of the elephantine lender’s broader strategy to boost interest income.

Deutsche Bank Applies for Digital Asset License

Germany’s largest slope by full assets, Deutsche Bank AG, has submitted an exertion to the country’s Federal Financial Supervisory Authority (Bafin) seeking regulatory support to connection custody services for integer assets, including cryptocurrencies, Bloomberg reported.

“We’re gathering retired our integer assets and custody business,” David Lynne, caput of Deutsche Bank’s commercialized banking unit, said astatine a league Tuesday. The enforcement added:

We conscionable enactment our exertion into the Bafin for the integer plus license.

Lynne further shared that the determination is portion of the elephantine lender’s wider strategy aimed astatine boosting interest income wrong Deutsche Bank’s firm bank. Additionally, it reflects akin efforts by Deutsche Bank’s plus absorption arm, DWS Group, to heighten gross done integer asset-related offerings, the work conveyed.

Deutsche Bank’s firm slope part initially indicated a program to connection integer plus custody successful precocious 2020 without providing a circumstantial timeline for the service’s launch. At that time, the part was nether the enactment of Stefan Hoops, who aboriginal joined DWS arsenic CEO, and Lynne took implicit the part a twelvemonth ago.

In Germany, Bafin is liable for issuing licenses to entities wanting to connection crypto services successful the country. The caller Germany Money Laundering Act, which went into effect astatine the opening of 2020, allows fiscal institutions to connection crypto products to their customers alongside accepted investments, specified arsenic stocks and bonds. At the time, Bafin reportedly received much than 40 “expressions of interest” from banks for support to run a crypto custody concern successful the future.

What bash you deliberation astir Deutsche Bank applying for a licence to connection crypto custody services? Let america cognize successful the comments conception below.