Commerzbank Applies for BaFin Crypto License from freeamfva's blog
As the first "traditional" major bank in Germany, Commerzbank has now applied for a license to store cryptocurrencies from BaFin.To get more news about fxprimus, you can visit wikifx.com official website.
BaFin grants such licenses to financial institutions that want to store cryptocurrencies in their portfolios for customers and trade in cryptocurrencies. Since January 1, 2020, such a license has been mandatory for institutes in Germany.
Sensitive legal measures can follow in the event of violations, with imprisonment of up to 5 years for the managing persons. Generous transitional periods apply to companies that were already trading and storing cryptocurrencies before the regulations came into force.Specifically, Commerzbank applied for this license from BaFin at the beginning of the second quarter of 2022, making it the first bank in Germany to apply for such a license.
According to BaFin, there are currently 25 applications and four licenses have already been issued. The crypto exchange Coinbase received the first German crypto custody license from BaFin in June 2021.
Commerzbank would like to offer this service to its institutional customers for the time being, according to Commerzbank's official statements.
But a number of Commerzbank's 11 million corporate and private customers will also have a strong interest in the safekeeping and trading of cryptocurrencies using Commerzbank's services. Therefore, the service will certainly be expanded quickly.At the international level, too, banks and major banks are very cautious when it comes to crypto. Only the US banking giant Goldman Sachs and the Swiss Credit Suisse have published concrete plans to introduce special cryptocurrency services for their customers.
Many officials in the global banking industry say that cryptocurrencies are gaining interest and importance globally and that the world of finance and banking has to deal with them.
However, hardly any bank puts it into practice. All business is left to the crypto exchanges and wallet operators.Most decision-makers at the top of the global banking industry believe that cryptocurrencies pose no threat to the importance and supremacy of fiat money and the international banking system.
However, many crypto experts believe that the cryptocurrency market and blockchain technology will make a number of banking services irrelevant and meaningless.
I think there is something to both opinions. All fiat currencies will not be completely replaced by cryptocurrencies, nor will traditional banks be able to continue to operate the entire business as usual.
Banks that do one thing without neglecting the other are well-advised. Commerzbank's strategy of also dealing with cryptocurrencies and offering customers services for custody and trading with cryptocurrencies is the only right one.
Perhaps the ailing Commerzbank will take a decisive step to set itself apart from the larger banks. It is often not the big that eat the small, but the fast that eat the slow. It would be nice if Commerzbank could be one of the fast ones.
BaFin grants such licenses to financial institutions that want to store cryptocurrencies in their portfolios for customers and trade in cryptocurrencies. Since January 1, 2020, such a license has been mandatory for institutes in Germany.
Sensitive legal measures can follow in the event of violations, with imprisonment of up to 5 years for the managing persons. Generous transitional periods apply to companies that were already trading and storing cryptocurrencies before the regulations came into force.Specifically, Commerzbank applied for this license from BaFin at the beginning of the second quarter of 2022, making it the first bank in Germany to apply for such a license.
According to BaFin, there are currently 25 applications and four licenses have already been issued. The crypto exchange Coinbase received the first German crypto custody license from BaFin in June 2021.
Commerzbank would like to offer this service to its institutional customers for the time being, according to Commerzbank's official statements.
But a number of Commerzbank's 11 million corporate and private customers will also have a strong interest in the safekeeping and trading of cryptocurrencies using Commerzbank's services. Therefore, the service will certainly be expanded quickly.At the international level, too, banks and major banks are very cautious when it comes to crypto. Only the US banking giant Goldman Sachs and the Swiss Credit Suisse have published concrete plans to introduce special cryptocurrency services for their customers.
Many officials in the global banking industry say that cryptocurrencies are gaining interest and importance globally and that the world of finance and banking has to deal with them.
However, hardly any bank puts it into practice. All business is left to the crypto exchanges and wallet operators.Most decision-makers at the top of the global banking industry believe that cryptocurrencies pose no threat to the importance and supremacy of fiat money and the international banking system.
However, many crypto experts believe that the cryptocurrency market and blockchain technology will make a number of banking services irrelevant and meaningless.
I think there is something to both opinions. All fiat currencies will not be completely replaced by cryptocurrencies, nor will traditional banks be able to continue to operate the entire business as usual.
Banks that do one thing without neglecting the other are well-advised. Commerzbank's strategy of also dealing with cryptocurrencies and offering customers services for custody and trading with cryptocurrencies is the only right one.
Perhaps the ailing Commerzbank will take a decisive step to set itself apart from the larger banks. It is often not the big that eat the small, but the fast that eat the slow. It would be nice if Commerzbank could be one of the fast ones.
Post
| By | freeamfva |
| Added | Apr 28 '22 |
Tags
Rate
Archives
- All
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
The Wall