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TL;DR: Deutsche Börse-owned Crypto Finance has received four licenses from the German Federal Financial Supervisory Authority (BaFin) for its German subsidiary, Crypto Finance Deutschland. These licenses will allow the company to engage in regulated digital asset trading, settlement, and custody services in Germany. The licenses come as Deutsche Börse prepares to launch its own institutional cryptocurrency exchange called DBDX. Crypto Finance was acquired by Deutsche Börse in 2021 and already offers products on the SIX exchange in Switzerland.
The BaFin licenses position Crypto Finance within the Markets in Crypto-Assets regulatory framework and demonstrate the company’s commitment to transparency and security. The digital asset securities registry, D7, founded by Deutsche Börse subsidiary Clearstream, is also expected to be a key component of the new exchange. The launch of DBDX is anticipated to occur this year.
Deutsche Börse, which owns the Frankfurt Exchange and operates the Deutsche Börse Xetra digital exchange, has previously faced regulatory decisions from BaFin related to crypto custody licenses. BaFin rejected an application for a crypto custody license from Binance in June 2023, shortly after approving Deutsche Bank for the same function. It also approved the custody application of Boerse Stuttgart Digital blocknox and United States-based BitGo for crypto custody.
