Skip to main content

Deutsche Bank Applies for License to Offer Crypto Custody Service

Deutsche Bank Applies for License to Offer Crypto Custody Service

Deutsche Bank, the largest bank in Germany, is seeking regulatory approval to offer custody services for digital assets, including cryptocurrencies. A Deutsche Bank executive explained that the digital asset move is part of the giant lender’s broader strategy to boost fee income.

Deutsche Bank Applies for Digital Asset License

Germany’s largest bank by total assets, Deutsche Bank AG, has submitted an application to the country’s Federal Financial Supervisory Authority (Bafin) seeking regulatory approval to offer custody services for digital assets, including cryptocurrencies, Bloomberg reported.

“We’re building out our digital assets and custody business,” David Lynne, head of Deutsche Bank’s commercial banking unit, said at a conference Tuesday. The executive added:

We just put our application into the Bafin for the digital asset license.

Lynne further shared that the move is part of the giant lender’s wider strategy aimed at boosting fee income within Deutsche Bank’s corporate bank. Additionally, it reflects similar efforts by Deutsche Bank’s asset management arm, DWS Group, to enhance revenue through digital asset-related offerings, the publication conveyed.

Deutsche Bank’s corporate bank division initially indicated a plan to offer digital asset custody in late 2020 without providing a specific timeline for the service’s launch. At that time, the division was under the leadership of Stefan Hoops, who later joined DWS as CEO, and Lynne took over the division a year ago.

In Germany, Bafin is responsible for issuing licenses to entities wanting to offer crypto services in the country. The new Germany Money Laundering Act, which went into effect at the beginning of 2020, allows financial institutions to offer crypto products to their customers alongside traditional investments, such as stocks and bonds. At the time, Bafin reportedly received more than 40 “expressions of interest” from banks for approval to operate a crypto custody business in the future.

What do you think about Deutsche Bank applying for a license to offer crypto custody services? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3QVIRCq
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more