Crypto News– A leading bank in Germany, Deutsche Borse, has recently seen its subsidiary, Crypto Finance, obtain further regulatory clarity and approval to initiate crypto trading operations.
Major German Financial Institution Granted Four Licenses for Crypto Operations
This development coincides with Deutsche Borse’s preparations to launch its digital exchange, DBDX, targeting institutional investors. According to a recent report, Crypto Finance, a subsidiary of Deutsche Borse, has been granted four key licenses from the German Federal Financial Supervisory Authority (BaFin).
These licenses authorize the entity to offer crypto trading, settlement, and custody services to institutional investors in Germany. Additionally, it’s worth noting that Crypto Finance has already secured regulatory approval in Switzerland, expanding its operational scope.
Deutsche Borse’s acquisition of Crypto Finance in 2021 was aimed at strengthening its presence in the crypto market across Europe. Recent data from Statista paints a positive picture for the crypto industry in Germany, with projected annual revenue expected to reach around $2.5 billion by 2028.
On November 15, BeInCrypto reported that Frankfurt-based Commerzbank AG had received approval from BaFin to operate a crypto custody business.
Meanwhile, BaFin has indicated that full-service banks like Commerzbank must obtain an expanded license to offer digital asset services.
However, efforts to crack down on illicit activities involving Bitcoin persist within the country.
On January 31, German authorities seized 50,000 Bitcoins obtained through copyright infringements and money laundering.
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