Germany's Sparkassen Starts Crypto Services
Germany's largest banking group, Sparkassen, will offer cryptocurrency trading services for retail clients by 2026, according to Bloomberg. This decision marks a shift from their previous stance due to concerns over the volatility of cryptocurrencies. Sparkassen-Finanzgruppe plans to allow private clients to trade cryptocurrencies such as bitcoin and ETH. Dekabank, part of the Sparkassen network already engaged in cryptocurrency trading, has been chosen to oversee these services. This initiative follows the implementation of the Markets in Crypto-Assets Regulations, which unify the EU's legal framework for crypto businesses.
FAQ
❓ What is the expected launch date for Sparkassen's crypto trading service?
The cryptocurrency trading service is expected to launch by the summer of 2026.
❓ Who will manage Sparkassen's cryptocurrency services?
Dekabank, a Sparkassen entity, is set to manage the cryptocurrency services.
❓ Why did Sparkassen previously avoid cryptocurrency trading?
Sparkassen's board was concerned about the volatility and risks associated with cryptocurrencies.