Sparkassen-Finanzgruppe, a network of savings banks in Germany and Europe’s largest network for financial services, plans to offer Digital Asset Trading Services for their customers during the year after.
The savings pass will enable its over 50 million users in Germany and then trade leading digital assets via its mobile app, Bloomberg reports.
The new offer will be handled by Dekabank, a wholly owned asset manager who handles over $ 470 billion of assets. When he spoke to Bloomberg, a spokesman for Dekabank revealed that the group will develop the new product next year and intends to launch it in the summer of 2026.
Dekabank is not new to digital assets. In February introduced ‘Crypto’ trading for its institutional customers, two years after it first announced the service. The lender gained a digital access to a custody license from BAFF and the European Central Bank (ECB). Last year, that Issued a digital bond under ECB’s wholesaler Digital euros trial.
The Sparkassen is Germany’s largest institution for financial services and includes 376 local savings banks and six regional public banks. The network handles almost $ 3 trillion in assets over banks, insurance companies and construction associations.
According to the German Savings Banks and the Giro Association (DSGV), which monitors the savings banks, the digital asset supply was driven by an increase in the customer’s demand. EU markets in Crypto-Assets (Mica) regulations, which came into effect In December last year, regulated institutions have also allowed to venture into digital assets, DSGV added.
The new service is a sharp pivot for Sparkassen, which has been anti-digital assets for several years. A decade ago, it blocked All digital asset purchases for their customers and despite the industry’s rebellion stuck in their weapons for several years.
Since then, its managers have advocated against digital assets, with reference to Volatility and lack of regulation as the biggest problems.
Even after announcing the upcoming “crypto service”, the network still gave a warning to its customers who intend to dive into digital assets.
“Our position remains clear: Cryptocurrencies are very speculative assets,” repeated guard dog, DSGV. It added that member banks under the Sparkassen network are prohibited from promoting digital asset products and that they must inform customers about the associated risks, “including the possibility of a total loss.”
While the savings are gradually heating up to digital assets, other German banks expire.
On Tuesday Bloomberg reported Germany’s largest lender, Deutsche Bank (Nasdaq: db), intends to launch its digital access to custody service next year and collaborate with Austrian Exchange Bitpanda for its technology. In September last year Trade (Nasdaq: Crzby) launched a trading and custody service for its corporate customers, while Regional Bank LBBW announced A similar program earlier in the year.
Kazakhstan to set up the National Digital Asset Reserve
Elsewhere, Kazakhstan has announced plans to draw up a national digital asset reserve that the central bank will handle.
The new reserve will initially be financed with the digital assets that Kazakh authorities have Gripen over the years, reports Local outlet Kazinform. Assets that are broken by national institutions will also be included in the reserve. Kazakhstan is home to one of the world’s largest Block reward mining Industries, which are ranked as third behind the US and China for BTC hash frequency.
Appointing the National Bank of Kazakhstan (NBK) to monitor and manage the reserve is a strategic decision that protects national interests, mentioned Timur Suleimenov, chairman of the Central Bank, in an answer to an investigation of legislators.
He added that the reserve would allow Kazakhstan Getting a foothold in the digital asset economy without associated risks, which includes capital flights.
The NBK manager urged legislators to formulate laws that would govern how the fund will be handled, which will have decision-making authority and when and how the assets can be liquidated.
In addition to the fund, the central bank called on Parliament to develop politics that will stretch ‘Crypto’ influencer Who has misled young Kazakhs in risky investments. It also wants a frame that controls tokenization of traditional financial instruments such as shares and bonds.
Watch: Richard Baker on Engineering a smarter financial world with blockchain
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