Since its acquisition by Deutsche Börse Group, the crypto broker has been focusing on expansion outside of Switzerland. As a milestone, Crypto Finance's German subsidiary has received four licenses from the Federal Financial Supervisory Authority (BaFin) of Germany.
BaFin issues various licenses related to crypto services. Specifically, Crypto Finance GmbH (Germany) has been granted permission for regulated trading, settlement and custody of crypto assets. As a result, the FINMA-supervised crypto broker can now offer its services to clients in Germany, where its parent company, Deutsche Börse AG, is headquartered.
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Preparing for European expansion
The BaFin licenses are being considered independently of the soon to be implemented MiCA framework. The German regulator has been active in this area since 2019. The "Markets in Crypto Assets" draft was finalized almost a year ago, and includes further obligations for crypto service providers. However, MiCA will not be implemented until January 2025. According to a press release, the crypto broker is already operating in compliance with the regulations.
With the acquisition of four BaFin licenses, Crypto Finance is also poised for further expansion in Europe. With its regulated offering, the German subsidiary will support Deutsche Börse Group's crypto strategy and complete the European value chain for digital assets.
Change of staff at Crypto Finance
The issuance of the BaFin licenses comes a few months after some major role changes within the Crypto Finance Group. Firstly, the founder and former CEO, Jan Brzezek, stepped back into an advisory role for the company. Stijn Vander Straeten, the former CFO, took over the helm. David Deller was appointed as the new CFO, while Niloo Verma Bruppacher took on additional responsibilities as COO in addition to her role as General Counsel. These changes at the crypto broker should prepare the company for a pan-European positioning by the end of September 2023.
"We are pleased that Crypto Finance (Deutschland) GmbH is now licensed as a crypto custodian in Germany by BaFin, the highest regulatory authority. This makes our offering one of the few to meet these exceptionally high standards. This demonstrates our commitment to transparency and security, but also positions us as a trusted authority in the market and contributes to the development of a reliable ecosystem for crypto assets." - Stijn Vander Straeten, CEO of Crypto Finance Group
