Deutsche Bank Wins MiCA Nod, Plans Asia Crypto Custody — SkimNews
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- Deutsche Bank received authorization from Germany's Federal Financial Supervisory Authority (BaFin) under MiCA, with a spokesperson telling Cointelegraph the bank expects formal regulatory approval for the custody offering in October.
- Gerald Podobnik, co-head of Deutsche Bank's corporate bank, told Reuters the bank intends to expand its custody services to Asian financial centers by 2027, citing the rapid growth of the digital asset economy — including hundreds of billions of dollars held in stablecoins.
- The custody service will initially support Bitcoin (BTC), Ether (ETH) and three stablecoins — Circle USDC, EURC and AllUnity EUR — according to a Sept. 16 press release.
- Podobnik tied the crypto push to Deutsche Bank's goal of hitting 8% compound annual growth in corporate banking by 2028.
- Deutsche Bank partnered with Swiss crypto infrastructure platform Taurus in September 2023 to build out its custody capabilities, a relationship predating the MiCA approval by roughly two years.
Why it matters: Deutsche Bank's BaFin authorization under MiCA — the EU's unified crypto regulation — gives Europe's largest bank a regulatory foothold to offer crypto custody across the bloc, while the 2027 Asia target ties digital assets directly to the bank's stated 8% compound annual growth goal for corporate banking by 2028, framing custody as a multi-year revenue bet rather than a side experiment.
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