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

Germany’s DekaBank has received a bank crypto custody license from the country’s regulator, BaFin, and the European Central Bank (ECB). Commerzbank was the first German bank to receive the license last year, and other major banks have yet to receive the license, including DZ Bank. BaFin has issued 11 other crypto custody licenses, mainly for crypto companies. One of them is the digital asset custody subsidiary of Hauck Aufhäuser Lampe Privatbank. The difference between DekaBank and Commerzbank and crypto companies is that the former is licensed under the Banking Act (KWG). This is the second new license DekaBank has received this year. In July, the company received a license for the German crypto securities registrar for the issuance of DLT-based digital securities. These crypto securities do not require a central securities depository (CSD) to be issued.