Ranked as the sixth largest stock exchange in the European Union and second in Germany, Boerse Stuttgart is committed to doubling down on its track record regarding its new crypto service offerings.
German stock exchange service provider Boerse Stuttgart Exchange has been licensed to offer a crypto custody service from the country’s main financial regulator BaFin. As reported Per FinanceFeeds, the license will now position Boerse Stuttgart as a one-stop-shop for service providers ranging from cryptocurrency brokerage and trading to institutional investors.
The license is the first of its kind in the country that has shown an extremely bullish affinity for digital currencies in recent years. The license leveraged by Boerse Stuttgart was secured by Blocknox GmbH, a part of the brokerage’s digital arm. With the license, the team will now serve banks across Europe, as well as brokers, asset managers and family offices.
“This is the first time that an established market participant has been licensed to hold cryptocurrencies in escrow without any acquisition. This completes the one-stop infrastructure we offer: Of all the traditional service providers operating in the European crypto market, we are now the only fully BaFin-regulated one-stop-shop in Germany for digital asset brokerage, trading and custody. For banks, brokers, asset managers and family offices, this makes us the infrastructure partner of choice.”
Although Germany is known as a very promising economy for the growth of digital currencies, obtaining the license to operate in this country from BaFin is considered one of the most difficult endeavors. Obtaining the license is a vote of confidence in Boerse Stuttgart’s readiness to meet the guidelines for adhering to existing laws governing the infant industry.
Following the launch of a crypto trading platform by Boerse Stuttgart, the license is even more revered considering that it helps bolster the company’s offering across the board.
Boerse Stuttgart will contribute to crypto transparency
Despite the acceptance of digital currencies by the German authorities, there is still a deep focus on adherence to market principles that can reinforce transparency. Ranked as the sixth largest stock exchange in the European Union and second in Germany, Boerse Stuttgart is committed to doubling down on its track record regarding its new crypto service offerings.
“Reliability, stability and transparency form the basis for the proper functioning of crypto markets. The BaFin license bolsters us on our journey to provide financial institutions across Europe with secure access to a growing market for digital assets using these core principles,” said Oliver Vins, CEO of Boerse Stuttgart Digital and custodian of blocknox.
Critics of the US Securities and Exchange Commission (SEC) consistently use the advancement of the crypto ecosystem in Germany as a yardstick, as they believe the regulator is using heavy-handed tactics to toughen innovation cryptographic
A crucial justification in this regard is the approval of a spot Bitcoin Exchange Traded Fund (ETF) by BaFin, a product that has yet to make its way into US markets despite broad industry clamor.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.
