Boerse Stuttgart Digital subsidiary receives final approval for crypto custody

Boerse Stuttgart Digital, the digital asset brand of the Boerse Stuttgart Exchange Group, announced March 30 that its Blocknox service has received its final license as a cryptocurrency administrator from the German Federal Financial Supervisory Authority (BaFin). . Boerse Stuttgart Group now offers fully regulated brokerage, trading and custody of digital assets. Said.

Its final license makes Boerse Stuttgart Digital the first ‘established market player’ […] We have obtained a license to store cryptocurrencies without an acquisition,” said Matthias Voelkel, CEO of the Boerse Stuttgart Group. Boerse Stuttgart Digital said European banks, brokers, asset managers and family offices will be able to integrate its services into their own offerings. It operates exchanges in Germany, Sweden and Switzerland, and also has an office in Ljubljana, Slovenia.

Related: Institutional Crypto Management: How Banks Store Digital Assets

Bitcoin Group SE, operator of German cryptocurrency trading platform bitcoin.de, acquired Bankhaus von der Heydt, which had a crypto custody license, in December. German asset manager DZ Bank partnered with Switzerland’s Metaco to offer crypto services, including custody, in February.

Ritterschlag für die @bsdex_official: Sie bekommt die offizielle #buffin-Lizenz für die Verwahrung von #Cryptwagen.https://t.co/MV8vUicatH

— BTC-ECHO (@btcecho) March 30, 2023

Boerse Stuttgart Digital has provided custody services under a provisional license through Blocknox since the introduction of cryptocurrency custody regulations in Germany on January 1, 2020. The company started offering trading services to German residents last month and will introduce a trading app in 2021. Boerse Stuttgart Digital received It has obtained the final custody license ahead of several other competitors including Binance.

Global exchange group Nasdaq announced on March 24 that it plans to establish a limited trust company for the purpose of providing cryptocurrency custody services under the supervision of the New York Department of Financial Services. This comes after the U.S. Securities and Exchange Commission moved to impose new rules that make it more difficult for cryptocurrency exchanges to manage cryptocurrencies by expanding rules that were first formulated in 2009. happen.

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