The licenses will allow the company to trade digital assets, conduct settlements and provide services for storing crypto assets in Germany. Thanks to regulatory approvals, Crypto Finance is ready to offer legal services to institutional clients and legal entities.
“Crypto Finance has received a license from a supervisory authority considered to be the strictest in Germany. Our services meet BaFin's high standards, demonstrating our commitment to transparency and security. We are ready to develop a reliable cryptocurrency ecosystem,” said Stijn Vander Straeten, CEO of Crypto Finance Group.
Crypto Finance has received approval from the German regulator amid plans by Deutsche Börse to launch its own exchange, DBDX, aimed at institutional investors. The launch should take place this year. Thanks to BaFin licenses, Crypto Finance believes, the company has brought its business into compliance with the EU Crypto Assets Regulation MiCA).
Crypto Finance is also regulated by the Swiss Financial Market Supervisory Authority (FINMA). In 2021, Deutsche Börse acquired a majority stake in the Swiss Crypto Finance Group. This service provider was already promoting products on the SIX exchange in Switzerland, launching the first cryptocurrency investment fund.
Last year, BaFin rejected a licensing application submitted by the world's largest crypto exchange Binance due to possible non-compliance with regulatory requirements. Later, BaFin Chief Strategy Officer Rupert Schaefer compared unregulated cryptocurrency exchanges to UFOs.
Source: Bits
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