Digital Asset Consulting Services | Services

Crypto Custody

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Advancing professionalization and mass adoption of cryptocurrencies and blockchain technology are largely due to regulatory intervention by lawmakers. The institutionalization of new roles and services around crypto, especially in the financial industry, creates more legal certainty and predictability for both end customers and providers operating in this field. Germany in particular has taken a pioneering role in this regard and has launched and implemented various initiatives such as the tokenization of traditional securities in the form of bearer bonds or fund shares. This can be understood as a step toward the dematerialization of securities.

A key component of the regulatory initiatives in Germany to date is the service offering of the crypto custody. Since the beginning of 2020, crypto custody has constituted a financial service under the German Banking Act (KWG) and requires a crypto custody license from the German Federal Financial Supervisory Authority (BaFin). The service is defined as the custody, administration and safekeeping of crypto assets or private cryptographic keys used to hold, store and transfer crypto assets, for third parties. Within the framework of the KWG, cryptocurrencies are also regulated as financial instruments under the term crypto assets (Kryptowerte) and represent a new asset class.

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Analysis Across Dimensions

Why is the crypto custody offering so fundamental to current and new market participants? Digital asset custody is the focal point for many related banking processes and functions. With the custody of an emerging asset class with distinct subcategories such as crypto securities and crypto assets (Crypto fund units), market participants can claim an early positioning in the market. Depending on the design, previously unfounded opportunities for direct interaction with end customers can be realized. New business models and the occupation of further elements of the newly developing value chain of digital assets are within reach (DLT Pilot Regime).

Asset Class

Choose the asset classes you want to offer

Crypto assets

Token-based money

Bankable assets

Non-bankable assets

Process

Select the processes you want to improve

Payments

Staking

Corporate Actions

Tax

Financing

Value Chain Focus

e.g., blockchain-based end-to-end handling of digital assets

Tokenization

Trading

Clearing

Settlement

Asset Servicing

Digital Assets Custody

Possibilities for implementation

The integration of the custody function for digital assets into existing architectures is possible from a functional and technical point of view.

1. In-house development of the
custody platform & internal license provisioning

2. Use of a technical white-label provider for custody platform and internal license provisioning

3. Integration of a licensed crypto custodian

Opportunity Assessment

Exemplary topics

Cyber security

Insurance

Type of storage

Scope of services

Supported assets

What are the next steps for you?

1.
Digital Assets Strategy

We team with you to develop a digital assets strategy from the target operating model to new product and service models.

2.
Opting for a use case

We can help you choose a crypto custody structure that is ideally suited to your institution’s needs.

3.
Selection of a provider

With our strong network and market experience, we support you in selecting a provider.

4.
Application for license

If you need a crypto custody license, we will guide you through the approval process.

5.
Integration into existing architecture

We support you in the introduction of a custody solution into your existing system and process landscape.

More Offerings

Crypto Fund Units

Regulation as an innovation driver for the fund industry.

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DLT Pilot Regime

Go beyond the proof-of-concept level and develop DLT use cases in a secure regulatory environment in the EU.