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Germany’s DekaBank secures approval for crypto custody services

Germany’s DekaBank secures approval for crypto custody services
Germany’s DekaBank secures approval for crypto custody services

Germany’s DekaBank has joined the growing ranks of financial institutions venturing into cryptocurrency. After securing a crypto custody license from BaFin, Germany’s financial regulator, and the European Central Bank (ECB), DekaBank is poised to offer regulated crypto services.

 The move aligns with the European Union’s evolving regulatory framework under MiCA (Markets in Crypto-Assets) and Germany’s recently passed Supervision of Crypto Markets Act (KMAG).  

The license allows DekaBank to handle crypto custody services under traditional banking regulations, positioning it alongside Commerzbank as one of Germany’s few major banks entering this space. This follows DekaBank’s earlier success in July, when it received approval to operate as a crypto securities registrar, enabling blockchain-based digital securities issuance.  

With the regulatory clarity provided by KMAG, which harmonizes Germany’s crypto rules with the broader MiCA framework, DekaBank plans to expand its services across the EU starting in 2025. The bank’s involvement in initiatives like the SWIAT blockchain platform, used for issuing a €300 million digital bond by Siemens, highlights its growing role in digital finance.  

 Germany’s steady approach to crypto  

Germany has long been a leader in crypto regulation. It recognized cryptocurrencies as financial instruments in 2013 and mandated BaFin licensing for exchanges in 2020. While this deliberate pace has sometimes slowed innovation, it has also ensured market stability and investor confidence.  

The country’s favorable tax policies further incentivize long-term crypto investments, as digital assets held for over a year are exempt from capital gains tax. Private investors in Germany are embracing this clarity, with 54% allocating more than 20% of their assets to digital currencies. Bitcoin remains the most popular choice, followed by Ethereum and Solana.    

DekaBank’s entry into the crypto market underscores the increasing convergence of traditional finance and digital assets. As regulatory frameworks like MiCA take shape, Germany’s approach could serve as a blueprint for other nations seeking to balance innovation with oversight.  

Read also: Dogecoin price could double after entering the Gaussian channel

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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