Commerzbank looks to attain local crypto licence
22 April 2022 Germany
Image: Hanna
Germany-based Commerzbank (CBK) has applied for a local crypto license as part of an initiative to offer exchange and crypto-asset services.
CBK, which is partly owned by the government, is currently Germany’s second-largest listed bank after Deutsche Bank.
On 1 January 2020, Germany brought in a new law — the Amended Directive to the Fourth EU Money Laundering Directive — designed to encourage German banks to offer crypto services.
Changes to the law affect how the German Banking Act and Payment Supervision Services Act relate to crypto.
The law requires any business seeking to offer crypto services in Germany to seek a licence from Germany's Federal Financial Supervisory Authority, BaFin.
CBK, which is partly owned by the government, is currently Germany’s second-largest listed bank after Deutsche Bank.
On 1 January 2020, Germany brought in a new law — the Amended Directive to the Fourth EU Money Laundering Directive — designed to encourage German banks to offer crypto services.
Changes to the law affect how the German Banking Act and Payment Supervision Services Act relate to crypto.
The law requires any business seeking to offer crypto services in Germany to seek a licence from Germany's Federal Financial Supervisory Authority, BaFin.
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