Bitcoin exchange Coinbase, listed on the Nasdaq, has received permission to provide crypto custody services in Germany. That is stated on the website of the country's Federal Financial Supervision Authority (BaFin).
According to the announcement, the German subsidiary of Coinbase Germany GmbH is the first license holder of this kind. An interagency group formed by BaFin will oversee issues related to the storage of digital assets.
In March 2020, the supervisor classified digital assets as financial instruments.
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In April 2021, the Bundestag approved a bill allowing institutional funds to invest up to 20% of assets in cryptocurrencies from July 1.