Boerse Stuttgart Digital has received a BaFin license, enabling it to provide crypto services across the EU. The firm aims to expand its offerings and compete in the growing European crypto market.
Ledger Insights revealed that Germany’s financial watchdog, BaFin, has given the company a license. This means that the company can offer crypto services all over the EU.
This important step was taken after the legal delays that were caused by the fall of Germany’s coalition government were fixed.
Just before Christmas, the Bundestag passed a law making BaFin the country’s MiCA regulator. This made it possible for businesses like Boerse Stuttgart Digital to get their licenses.
The part Boerse Stuttgart Digital plays in the cryptocurrency market
The company has made its mark in the crypto space stronger through key relationships and years of experience.
A big partner of the business is DZ Bank, which just started trying crypto solutions for customers across its 737 German community banks.
The company joined forces with Axel Springer in 2019 to focus on retail. This made it a major player in Germany’s digital asset market.
CEO of Boerse Stuttgart Group, Dr. Matthias Voelkel, talked about the company’s growth plans: “We want to expand Boerse Stuttgart Digital’s offerings with integrated solutions for financial institutions across Europe, driving both internationalization and the structural growth of our digital business.”
Up against competition from Europe
Boerse Other companies in Europe that follow MiCA rules will be able to compete with Stuttgart Digital. For instance, Sygnum Bank from Switzerland just got a CASP license in Liechtenstein and now works with over 20 banks, such as Swiss PostFinance.
By getting this new license, the company hopes to use its institutional knowledge to make money in the EU crypto market, which is growing.
