Deutsche Bank preparing to launch German crypto watchdog with an eye on Asia: Report

Germany's largest bank is reportedly planning to expand its digital asset custody services to Asian financial centers due to the growth of the digital asset economy.

Germany's largest bank is reportedly planning to expand its digital asset custody services to Asian financial centers due to the growth of the digital asset economy.

Deutsche Bank is reportedly planning to launch its cryptocurrency custody services in Germany and plans to expand them across Asian financial centers in 2027.

Podobnik added that the move is part of Deutsche Bank's goals to achieve 8 percent compound annual growth in corporate banking by 2028.

According to a September 16 press release, the bank's escrow service will initially support Bitcoin (BTC), Ether (ETH), and select stablecoins, including Circle USDC (USDC), EURC (EURC), and AllUnity EUR (EURAU).

A Deutsche Bank spokesperson recently told Cointelegraph that it expects to receive regulatory approval for the custody offering in October under the Markets in Crypto Assets (MiCA) regulation. Deutsche Bank received a license from Germany's Federal Financial Supervisory Authority (BaFin) on Monday, the European Securities and Markets Authority's provisional MiCA filing showed.

Cointelegraph has reached out to Deutsche Bank for comment on which Asian financial centers it will target first, but did not receive a response by the time of publication.

In September 2023, Deutsche Bank partnered with cryptocurrency infrastructure platform Taurus to support its cryptocurrency custody programs.