Blocknox, a subsidiary of Boerse Stuttgart, one of the largest stock exchanges in Europe, has been granted a license by Germany’s Federal Financial Supervisory Authority (BaFin) to operate as a cryptocurrency custodian. This authorization will allow the company to offer digital asset custody services to institutional investors throughout Europe.
Boerse Stuttgart Digital, the stock market’s brand for all activities in the cryptocurrency field, will be able to provide European banks, brokers, asset managers, and family offices with trading and custody solutions for their cryptocurrency offerings.
According to Matthias Voelkel, CEO of Boerse Stuttgart Group, the license allows the company to become a fully regulated, one-stop-shop for brokerage, trading, and custody of digital assets. Boerse Stuttgart can now serve as the infrastructure partner of choice for banks, brokers, asset managers, and family offices.
Crypto custody services were legalized in Germany in January 2020, and companies must obtain a special permit to provide them. Blocknox applied for regulatory approval in February of that year and was granted provisional status as a regulated financial service provider.
Now, Blocknox has received the final license for its operations as a cryptocurrency custodian from BaFin, making it a provider of secure access to the growing market for digital assets.
Oliver Vins, managing director of Boerse Stuttgart Digital and Blocknox, added that reliability, stability, and transparency form the basis for functioning cryptocurrency markets. With the Bafin license, Boerse Stuttgart is asserting its role in this regard. The exchange noted that a high six-digit number of end customers are already benefiting from excellent liquidity today.
