Blocknox, a subsidiary of the Stuttgart Stock Exchange, has been granted a license by the German Federal Financial Supervisory Authority (BaFin) to offer a range of services related to cryptocurrencies.
This license now allows Boerse Stuttgart Digital to provide storage, trading, and management services for digital assets.
With BaFin’s approval, Germany has become a one-stop-shop for brokerage, trading, and custody of cryptocurrencies, making Boerse Stuttgart the preferred partner for banks, brokers, management firms, and family offices, as per Matthias Voelkel, the CEO of Boerse Stuttgart Group.
Blocknox will be able to offer its clients a comprehensive platform that is fully compliant with German laws for trading, storing digital assets, and receiving brokerage services.
In 2020, the company began offering custody services for institutional investors, allowing it to provide custody of cryptoassets under deposit conditions.
The BISON app and BSDEX digital asset exchange, both affiliated with the Stuttgart Stock Exchange, have already made the service available to their users.
In March of this year, Deutsche Wertpapier Service Bank AG (dwpbank), a giant in German securities processing, launched the wpNex platform for bitcoin trading, managing 5.3 million customer accounts at various banks.
These developments demonstrate the increasing importance of Germany in the field of digital asset trading and management.