The Boerse Stuttgart Digital Custody service is now the first cryptocurrency provider in Germany to be licensed under MiCA, allowing it to extend its services throughout the European Union.
Boerse Stuttgart Digital Custody has been the first crypto asset service provider in Germany to be awarded a complete license. The new Markets in Crypto-Assets Regulation (MiCA) issues this license within the European Union. On January 17, Germany’s Federal Financial Supervisory Authority, BaFin, bestowed this license upon the company.
In essence, Boerse Stuttgart Digital has been granted the authorization to operate as a fully licensed crypto asset service provider (CASP) throughout the European Union. The MiCA regulations, which will be enforced by the end of 2024, are designed to ensure that cryptocurrency firms adhere to stringent standards for both security and transparency. This new license supports Boerse Stuttgart Digital’s objective of providing regulated infrastructure to banks, brokers, and asset managers.
The crypto market in Germany has encountered difficulties following the breakdown of the coalition and the delay in enacting regulations. However, the German parliament, or Bundestag, successfully passed the necessary legislation prior to the Christmas break. The revised laws now enable Boerse Stuttgart Digital to operate effectively.
Boerse Stuttgart Digital Aims for International Growth with New MiCA License
The business enjoys a favorable standing in the cryptocurrency sector, boasting extensive knowledge and robust relationships with institutional partners. For instance, DZ Bank, one of its crypto collaborators, is currently working on a retail solution for approximately 737 German community banks, with the initial trial program already in progress.
Boerse Stuttgart Digital not only excels in established markets but also has a knack for nurturing new initiatives. In the past year, it collaborated with Axel Springer to establish a joint venture geared towards retail users. The company aims to broaden its services to reach a larger audience, leveraging its proven track record.
According to Dr. Matthias Voelkel, the CEO of Boerse Stuttgart Group, the company aims to broaden its services in the future. This expansion is intended to provide comprehensive financial solutions for institutions throughout Europe. By taking this approach, the company hopes to speed up its growth and also increase its business reach internationally.
However, the company encounters competition from other financial institutions specializing in cryptocurrencies. For instance, Switzerland’s Sygnum Bank accommodates over 20 banks on its roster, which includes Swiss PostFinance. In September, Sygnum was granted a CASP license in Liechtenstein as well.
Under its fresh license, Boerse Stuttgart Digital has taken the lead in Germany’s cryptocurrency sector, paving the way for regulated services across the European Union.
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2025-01-19 11:23