Boerse Stuttgart Secures BaFin License for Crypto Custody

• Boerse Stuttgart has been granted the final license by Germany’s financial regulator, BaFin, to serve as a crypto custodian.
• This will allow the exchange to offer services for trading and custody of digital assets to institutional investors such as banks, brokers, asset managers and family offices.
• Boerse Stuttgart is the sixth-largest stock exchange in Europe and it has been venturing into crypto services for several years with its Bison app reaching trading volume of $2.4 billion in 2021.

Boerse Stuttgart Secures BaFin License for Crypto Custody

Boerse Stuttgart, the sixth-largest stock exchange in Europe, has received approval from Germany’s financial regulator BaFin to serve as a crypto custodian. The license given to Blocknox, a part of Boerse Stuttgart’s digital unit, means that the exchange will be able to provide institutional investors with trading and fiduciary custody services for digital assets.

Who Can Benefit from Crypto Custody Services?

Institutions such as banks, brokers, asset managers and family offices are expected to make use of this offering provided by Boerse Stuttgart Digital Exchange. According to Matthias Voelkel, CEO of the exchange “this allows us to provide a one-stop shop that’s fully regulated in Germany for brokerage, trading and custody of digital assets”.

Boerse Stuttgart’s Crypto Venture

Boerse Stuttgart has been venturing into crypto services for several years now. It unveiled its crypto trading app Bison back in 2018 and reported that it reached trading volume of over $2.4 billion in 2021 (no more recent figure was given).

Conclusion

The new licensure granted by BaFin shows that Germany is taking steps towards becoming an attractive destination for cryptocurrency investments through providing necessary regulations on digital asset management activities such as storage and trade execution. It also adds another layer of trustworthiness on top of blockchain networks through allowing institutions access to secure storage solutions that meet their needs while being compliant with financial regulations set forth by authorities like BaFin or SEC (in US).