Boerse Stuttgart Digital, the digital asset brand of exchange group Boerse Stuttgart, announced on March 30 that its Blocknox service has received final authorization from the German Federal Financial Supervisory Authority (BaFin) to operate as a crypto custodian. Boerse Stuttgart Group now offers fully regulated brokerage, trading and custody of digital assets, it said.
Final license makes Boerse Stuttgart Digital first ‘established market participant’ […] is licensed to hold cryptocurrency in custody without any acquisition,” said Mathias Voelkel, CEO of Börse Stuttgart Group. Börse Stuttgart Digital said European banks, brokers, asset managers and family offices will be able to incorporate its services into their offerings. It operates exchanges in Germany, Sweden and Switzerland and also has an office in Ljubljana, Slovenia.
Related: Institutional Crypto Custody: How Banks Hold Digital Assets
Bitcoin Group SE, operator of the German bitcoin.de crypto trading platform, in December acquired Bankhaus von der Heyde, which was licensed for crypto custody. German asset manager DZ Bank partnered with Swiss Metaco in February to offer crypto services including custody.
— BTC Echo (@btcecho) March 30, 2023
Boerse Stuttgart Digital has been providing custody services through Blocknox under a provisional license since the introduction of crypto custody regulations in Germany on January 1, 2020. It started offering trading services to German residents last month and introduced a trading app in 2021. Boerse Stuttgart Digital received its final custodial license ahead of several other contenders, including Binance.
Global exchange group Nasdaq on March 24 announced plans to form a limited-purpose trust company to provide crypto custody services overseen by the New York Department of Financial Services. This comes after the US Securities and Exchange Commission put in place new rules making it more difficult for cryptocurrency exchanges to hold crypto by expanding rules originally drawn up in 2009.
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