Deutsche Bank Pursues Bafin License for Crypto Custodial Services to Boost Fee Income in Corporate Unit
Despite increased regulatory scrutiny, Deutsche Bank, the largest bank in Germany, is undeterred and has applied for permission to provide custodial services for digital assets like cryptocurrencies. This move highlights the bank’s interest in entering the crypto space and offering services to customers looking to securely store and manage their digital assets.
David Lynne, head of Deutsche Bank’s commercial banking unit, has revealed that the bank’s decision to apply for a digital asset license is part of a broader strategy to generate more fee income for its corporate and investment arms.
The move signifies Deutsche Bank’s intention to expand its presence in the digital assets and custody business, demonstrating its commitment to providing services related to cryptocurrencies.
Lynne stated that the bank has recently submitted its application to Bafin, the financial regulatory authority in Germany.
Deutsche Bank is not new to the idea of providing custodial solutions for digital assets, as it previously made an attempt in 2020. However, the bank did not disclose any specific timeline for launching such services at that time. Given the increasing involvement of institutional players in the cryptocurrency industry, there is a growing demand for regulated custodial solutions.
Therefore, Deutsche Bank’s current move to apply for a digital asset license comes at an opportune moment, especially as major players like BlackRock and Fidelity express their interest in entering the crypto market.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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