The Federal Agency for Financial Supervision of Germany & # 40;BaFin & #41; has issued a license to the Coinbase exchange to provide cryptocurrency custodial services. This is the first such license in the country.
The official statement of the regulator notes that since this is a new business model, BaFin has organized an interdisciplinary and interdepartmental working group to resolve any issues related to cryptocurrency custodial services.
Recall that the bill allowing the business of storing cryptocurrencies was adopted in Germany last year. According to the document, in order to provide custodial services, companies need to obtain a special license and Coinbase became the first company to receive it.
The regulator’s statement emphasizes that BaFin regulates only companies, and digital assets themselves are not regulated. Representatives of BaFin also remind that all issued warnings about the dangers of investing in cryptocurrencies remain in force.
Earlier, the German regulator issued a warning about trading tokens-shares on the Binance platform. BaFin announced a “suspected violation” of securities regulation laws.