crypto license
German banking giant Commerzbank applies for crypto license
One of the largest banking institutions in Germany has confirmed it applied for a local crypto license earlier this year, marking the first time a major bank has made a move toward cryptocurrencies in the country. A spokesperson from Commerzbank confirmed to local media outlet Börsen-Zeitung on April 14 that it “applied for the crypto custody license in the first quarter of 2022.” If approved it would be authorized to offer exchange services along with custody and protection of crypto-assets. Commerzbank serves over 18 million customers and over 70,000 institutional clients, and the cryptocurrency offering will reportedly target its institutional client base. Since Jan. 1 2020 any business wishing to offer cryptocurrency services in Germany must first seek approval from the Federal Financi...
BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York
The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations. The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS. DFS Superintendent Adrienne Harris said the fees would bring virtual currency businesses in line with those already paid by institutions such as banking and insurance companies and added: “New York was the first to start licensing and supervising virtual currency companies, and we co...
