Börse Stuttgart, the sixth largest stock exchange in the European Union and second in Germany, is determined to double down on its track record with respect to its new crypto service offerings.
German stock exchange service provider Börse Stuttgart Exchange has secured a license from the country’s top financial regulator BaFin to provide a crypto custody service. As informed of Per FinanceFeeds, the license will now position Boerse Stuttgart as a one-stop shop for crypto brokerages and institutional investors from trade to service providers.
The license is the first of its kind in the country which has shown immense affinity for digital currencies over the past few years. The license tapped by Boerse Stuttgart was secured by Blocknox GmbH, which is a part of the digital arm of the brokerage. With the license, the organization will now serve banks as well as brokers, asset managers and family offices across Europe.
“This is the first time that an established market participant has been granted a license to hold cryptocurrencies without an acquisition. This complements the unique infrastructure we provide: all traditional European crypto market operating Among service providers, we are now the only one-stop-shop fully regulated in Germany by BaFin for brokerage, trading and custody of digital assets. For banks, brokers, asset managers and family offices, it is our choice forms the infrastructure partner of
While Germany is known as a very promising economy for the development of digital currencies, obtaining a license from BaFin in this country is considered one of the most difficult endeavors. Achieving the license is a vote of confidence in Börse Stuttgart’s preparations to meet the guidelines to comply with the existing laws governing the nascent industry.
Following launch For a crypto trading platform by Boerse Stuttgart, this license is even more respectable considering that it helps the firm grow its offering across the board.
Börse Stuttgart to Contribute to Crypto Transparency
Despite the adoption of digital currencies by the German authorities, there is still a strong focus on adherence to market principles that can enhance transparency. Börse Stuttgart, the sixth largest stock exchange in the European Union and second in Germany, is determined to double down on its track record with respect to its new crypto service offerings.
“Credibility, stability and transparency form the basis for well-functioning crypto markets. The BaFin license allows us to harness these core principles to financial institutions across Europe on our way to provide secure access to the growing market for digital assets.” strengthens,” said Oliver Vince, managing director at Börse Stuttgart Digital and Custodian Blocknox.
The advancement of the crypto ecosystem in Germany is constantly used as a yardstick by critics of the United States Securities and Exchange Commission (seconds) who believe that the regulator is using strong arm tactics to stifle crypto innovation.
An important justification in this regard is BaFin’s approval of the Spot Bitcoin Exchange Traded Fund (ETF), a product. yet to make its way in US markets despite the broader industry clamor.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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