Good, but safe: Tangany is the third company in the group to receive a crypto custody license from BaFi
Munich-based FinTech Tangany received the third Companies even one of the coveted crypto custody licenses from BaFin. More precisely: The company receives written permission to carry out the crypto custody business in accordance with section 1 (1a) sentence 2 no. 6 KWG. With the crypto custody license, all regulatory doubts have now been dispelled and the company can operate unhindered.
First, BaFin Coinbase Germany issued a license to store crypto assets in June of this year – which caused quite a stir. Finally is Coinbase one of the largest crypto companies in the world, preferential treatment was in the room. Nonsense, says the BaFin. When we asked, we were replied that the applications “are generally processed according to the chronological order. The duration of a permit procedure depends largely on the type, scope and completeness of the application. As soon as an examination has shown that the legal requirements have been met, a corresponding permit is granted. “
Accordingly, Coinbase was simply faster than the competition. In addition to Coinbase Germany and Tangany, Kapilendo recently became the third company in the group to receive the BaFin approval. We reported.
With Tangany, a custody company with a reputation and a Made-in-Germany seal has now received its license. With “30 B2B customers, including many regulated banks and financial service providers, and over 60,000 active wallets with 400 million euros in crypto values in custody,” as managing director Martin Kreimair puts it, Tangany is no longer a small fish. In addition, the Munich-based FinTech was recently in the headlines as the wallet service provider at this year’s Fintech Germany Awards won the “Investment Technology” category. It was the second prize in a row.
All in all, licensing seems to be slowly moving. 25 further applications are still pending.