Crypto custody business: wevest strives for BaFin approval

30 Jul, 2019

The Berlin asset management company wevest Digital AG wants to apply for a BaFin approval for the custody business of crypto-assets. With this announcement, wevest is reacting to the recently published bill of the German government. It proposes to include the crypto custody business in the German Banking Act (KWG).

Alternative financing options are becoming increasingly important in SME financing. In addition to factoring, this will also apply in the future to digital financing on the basis of blockchain. wevest is pursuing this goal. In order to achieve this, FinTech has sought BaFin approval for crypto custody transactions.

“The custody of digital securities is a key service on the way to efficient blockchain-based issuing and settlement processes in the securities market. Against the background of stronger investor protection in particular, we welcome the planned inclusion of the crypto custody business in the German Banking Act (KWG) and are striving for approval by BaFin,” says Jens Siebert, CEO and Co-Founder of wevest.

Draft law opens up new opportunities

Especially against the background of stronger investor protection, wevest welcomes the planned inclusion of the crypto custody business in the German Banking Act (KWG). The corresponding bill of the Federal Government was published on 29.07.2019. “The draft law represents an important step towards greater legal certainty and professionalisation in the market for blockchain-based securities issues. With our existing wallet and our experience from past licensing procedures, we will constructively advance the licensing process,” says Didier Goepfert, Head of Product and Blockchain expert at wevest.

In June 2019, wevest launched its own wallet solution for the custody of digital securities with the launch of the e-securities custody account.

Source: Citywire

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