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Blocknox, a subsidiary of one of Europe’s largest exchanges, Boerse Stuttgart, has received a license to operate as a crypto depository in Germany. The authorization will allow the company to offer custody services for digital assets to institutional investors across the Old Continent.
Germany’s second largest exchange and one of the largest in Europe, Boerse Stuttgart, will be able to provide European banks, brokers, asset managers and family offices with both trading and custody solutions for their crypto asset offerings.
Its subsidiary, Blocknox, which is part of the Boerse Stuttgart Digital division, has received the final license for its operations as a crypto depository from the Bundesrepublik’s Federal Financial Supervisory Authority (Bafin), a press release revealed.
Boerse Stuttgart Digital is the stock market’s brand for all cryptocurrency activities. Through the entity, Boerse Stuttgart Group is able to offer institutional partners various solutions for accessing, trading and holding cryptocurrencies on behalf of clients. The exchange noted:
A high six-figure number of end customers already benefits from excellent liquidity today.
According to Matthias Voelkel, CEO of Boerse Stuttgart Group, the license allows the company to become a fully regulated, one-stop shop for the brokerage, trading and custody of digital assets. “This makes us the infrastructure partner of choice for banks, brokers, asset managers and family offices,” he elaborated.
Reliability, stability and transparency form the basis of functioning crypto markets, added Oliver Vins, CEO of Boerse Stuttgart Digital and Blocknox. He believes the Bafin license asserts Boerse Stuttgart’s role as a provider of secure access to the growing market for digital assets.
Crypto custody services were legalized in Germany in January 2020. Companies wishing to offer them must obtain a special permit. In February of the same year, Boerse Stuttgart announced that Blocknox intends to offer such services to institutional clients. The subsidiary applied for authority approval and initially received provisional status as a regulated financial service provider.
Do you think Germany will continue to issue licenses to crypto managers? Tell us in the comments section below.
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