Blocknox, a digital business division of Boerse Stuttgart, has recently received full authorization from BaFin, the financial authority, to function as a cryptocurrency custodian. With this permission, the company can now offer its institutional clients an all-inclusive service comprising of trading, brokerage, and custody services. The largest stock market in Germany seeks to target banks, asset managers, brokers, and family offices to avail of its services.
According to Germany’s legal regulations, specific authorization has been mandatory since Jan. 1, 2020, for the custody of crypto assets. Blocknox had offered its licensing application in good time and consequently received a temporary designation as a regulated financial services provider.