Bank AI

David

MN Coin

<p><strong>Deutsche Bank, Germany’s largest bank, is taking steps to offer custody services for digital assets, including cryptocurrencies.</strong></p> 
<h2 style="text-align: center;" id="application-for-digital-asset-license">Application for Digital Asset License</h2> 
<p>Deutsche Bank AG, the biggest bank in Germany, has <a href="https://www.bloomberg.com/news/articles/2023-06-20/deutsche-bank-applies-for-digital-asset-license-amid-growth-push#xj4y7vzkg" target="_blank" rel="noopener">applied</a> to the Federal Financial Supervisory Authority (Bafin) for regulatory approval to provide custody services for digital assets, as reported by Bloomberg.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">“We’re building out our digital assets and custody business,” David Lynne, who runs the lender’s commercial banking unit, said at a conference Tuesday.<a href="https://t.co/IaXX66CcqM">https://t.co/IaXX66CcqM</a></p> 
 <p>— David Attermann (@atterd_) <a href="https://twitter.com/atterd_/status/1671122887946694658?ref_src=twsrc%5Etfw">June 20, 2023</a></p>
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<h2 style="text-align: center;" id="expanding-digital-assets-business">Expanding Digital Assets Business</h2> 
<p>During a conference, David Lynne, head of Deutsche Bank’s commercial banking unit, revealed that the bank is developing its digital assets and custody business. He mentioned that they have submitted an application for a digital asset license to Bafin. This strategic move aligns with the bank’s broader objective of increasing fee income within its corporate bank. Deutsche Bank’s asset management arm, DWS Group, is also exploring opportunities in digital asset-related offerings.</p> 
<h2 style="text-align: center;" id="custody-plans-and-regulatory-environment">Custody Plans and Regulatory Environment</h2> 
<p>Deutsche Bank’s corporate bank division had previously expressed its intention to offer digital asset custody. The bank is now taking concrete steps by seeking regulatory approval. Bafin, responsible for issuing licenses for crypto services in Germany, received over 40 expressions of interest from banks looking to operate a crypto custody business under the new Germany Money Laundering Act.</p> 
<h2 style="text-align: center;" id="deutsche-bank-s-application-for-custody-platform">Deutsche Bank’s Application for Custody Platform</h2> 
<p>Deutsche Bank, with assets totaling $1.3 trillion, has reportedly been working on a crypto asset custody platform for over two years. The bank has applied for a digital asset custody platform license from BaFin. The goal is to establish a minimum viable product and explore global client interest through a pilot initiative.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Deutsche Bank is seeking regulatory approval to establish a custody service for digital assets, including cryptocurrencies. The bank aims to expand its digital assets and custody business, according to David Lynne, the head of the commercial banking unit, who mentioned the… <a href="https://t.co/4ouZMiXv1i">pic.twitter.com/4ouZMiXv1i</a></p> 
 <p>— Coingraph | News (@CoingraphNews) <a href="https://twitter.com/CoingraphNews/status/1671133332686491650?ref_src=twsrc%5Etfw">June 20, 2023</a></p>
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<h2 style="text-align: center;" id="changing-attitude-toward-crypto">Changing Attitude toward Crypto</h2> 
<p>Deutsche Bank’s interest in digital asset custody signifies a change in its stance. In a 2021 research note, the bank referred to Bitcoin’s value as wishful thinking. However, with its <a href="https://walletinvestor.com/magazine/germanys-biggest-bank-is-planning-to-buy-crypto-shares" target="_blank" rel="noopener">recent endeavors</a> and partnerships, the bank is embracing the potential of the crypto industry.</p> 
<h2 style="text-align: center;" id="germany-s-crypto-friendly-regulatory-approach">Germany’s Crypto-Friendly Regulatory Approach</h2> 
<p>Germany has been welcoming toward the crypto industry, passing laws to legitimize digital assets and enable custody and trading services. BaFin has issued licenses for crypto custody and trading services to several institutions, including Coinbase Germany, Boerse Stuttgart Digital, and Finoa.</p> 
<h2 style="text-align: center;" id="deutsche-bank-s-focus-on-digital-assets">Deutsche Bank’s Focus on Digital Assets</h2> 
<p>Deutsche Bank’s corporate bank division aims to expand its revenue streams through digital asset custody services. The bank has applied for a digital asset custody license from BaFin. This shift in strategy is aligned with the changing landscape of the banking industry, as more institutions explore digital asset-centered services for their clients.</p>

Deutsche Bank Seeks License for Crypto Custody Service

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