Germany’s DekaBank Receives Crypto Custody License from BaFin and ECB

Odaily reports that DekaBank, a German bank, has obtained a cryptocurrency custody license from the country's regulatory authority, BaFin, and the European Central Bank (ECB). Commerzbank, a German commercial bank, was the first to receive such a license last year, while other major banks, including DZ Bank, have not yet obtained one. BaFin has issued 11 additional cryptocurrency custody licenses, primarily targeting cryptocurrency companies. One of them is the digital asset custody subsidiary of Hauck Aufhäuser Lampe Privatbank. The difference between DekaBank, Commerzbank, and cryptocurrency companies is that the former two were licensed under the German Banking Act (KWG). This is the second new license DekaBank has obtained this year. In July, the company received a license to operate as a crypto-securities registrar for DLT-based digital securities that can be issued without a central securities depository (CSD).