Germanys Bankhaus to become a one-stop-shop for crypto

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Fireblocks has been selected to support Bankhaus von der Heydt, a private bank based in Germany offering traditional and digital banking and fund services.

Bankhaus will leverage Fireblocks advanced custody technology in combination with the Fireblocks network to expand digital asset and crypto service offerings to its customer base.

Philipp Doppelhammer, managing director of Bankhaus von der Heydt, said Coin Rivet Fireblocks took them one step further to become a one-stop-shop.

“It’s a safe and easy way to use the platform to develop complex operational workflows such as moving from asset trading to custody, asset staking on custody or even integration. direct with loan protocols to expand our portfolio of services, ”he said.

Doppelhammer explained that Germany is at the forefront in Europe when it comes to setting up crypto services for institutions and professional market players.

“This became visible when Germany introduced an update to its banking law in 2019 that introduced crypto custody as a new financial service,” he said.

“On the other hand, a new law has just been passed this year which allows crypto stocks on the German market and thus supports their wider acceptance.

“In summary, from our point of view, German regulators are very open towards crypto assets.

“We also look forward to MiCA, which will regulate the management of crypto assets across Europe and is expected to come into effect in 2022,” he revealed.

Doppelhammer added that generally cryptocurrency income is exempt from tax in Germany after a one-year holding period.

“However, if rewards are generated with cryptocurrencies, for example through lending or staking, returns from cryptocurrencies are only exempt from tax after a 10-year holding period,” he said. he explained.

“Security tokens are treated the same as standard securities for tax purposes. “

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He also revealed that the Bank specializes in providing white label services to clients, including crypto funds, and is currently serving some clients who are considering launching a crypto fund with the Bank acting as a service provider.

However, he noted that BVDH itself is not currently considering launching any crypto funds.

Securitization, he said, usually depends on the use case.

“We are able to implement a range of solutions, which includes indirect structures, securitization trackers or vehicles that track crypto indices,” he added.

Bankhaus to guarantee the highest level of security

Michael Shaulov, CEO of Fireblocks, said supporting Bankhaus von der Heydt marks a key milestone in his mission to bridge the gap between digital asset banking and traditional finance.

“As a pioneer in Germany for over 250 years, Bankhaus is regarded as a trusted partner for innovative financial market solutions and we are proud to work alongside them to revolutionize the financial industry and work to bring every banking service to the blockchain space, in complete security. ,” he said.

Launched in 1754, Bankhaus was one of the first banks in Germany to offer blockchain services such as cryptocurrency trading and custodial services for financial institutions.

Its product line includes the secure custody of crypto assets, tokenization solutions, efficient payment transactions and provides secure regulatory access to the market.

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