Commerzbank AG has become the first German full-service bank to receive a crypto custody license. The license will allow the bank to develop a comprehensive range of digital asset services, with a particular focus on crypto assets. This move demonstrates the growing interest of European banks in the asset class, as they cautiously enter the crypto market. The license comes at a time when Bitcoin, the most well-known cryptocurrency, is experiencing a price recovery after a slump in the past year. Other banks, such as Societe Generale SA and DZ Bank AG, have also made similar moves in response to client demand. Germany has specific requirements for banks to acquire licenses for providing crypto services, which provides transparency to European banking regulators. However, the European Central Bank remains concerned about the potential circumvention of scrutiny into crypto businesses by banks.