Coinbase to begin offering cryptocurrency custody services in Germany

The Nasdaq-listed bitcoin exchange Coinbase has received authorization to provide cryptocurrency custody services in Germany. This is stated on the site of the Federal Financial Supervisory Authority (BaFin).

The German unit Coinbase Germany GmbH is the first holder of such a license, according to the statement. The BaFin-established interagency group will oversee custody-related matters pertaining to digital assets.

In March 2020, the regulator classified digital assets as financial instruments.

In April 2021, the Bundestag approved a bill allowing institutional funds from July 1 to invest up to 20% of assets in cryptocurrencies.

Earlier, BaFin warned investors about possible breaches of securities laws by Binance in the launch of trading tokenised shares.

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