Annerton advises Tangany on successful crypto custody license application
Frankfurt am Main, October 6, 2021 – Tangany is the ”first” German firm to obtain BaFin’s permission to hold digital assets in custody for third parties. In the license application process, Annerton provided legal advice to the Munich-based FinTech, which can now count itself among the few regulated service providers with a crypto custody license. Tangany is a B2B white label provider that has been on the market since 2018 with its custody suite for the safekeeping of digital assets.
After Tangany had already received a provisional BaFin permit to maintain crypto securities registers (pursuant to Section 65 (2) KWG), the FinTech is now one of the few companies in Germany to receive BaFin permission to conduct crypto custody business. Annerton partners Alireza Siadat, M.J.I. and Frank Müller, LL.M. advised Tangany during the course of the license application with BaFin.
“With the support of Annerton, we were able to successfully complete the license application process and to also apply for the – still provisional – crypto securities registrar license. Annerton lawyers are our trusted legal advisors who understand how to leverage their in-depth industry knowhow and legal expertise to provide hands-on legal advice and pragmatic solutions,” says Martin Kreitmair, CEO of Tangany, about the cooperation with Annerton.
Customers of the technology and financial services provider have been able to use the Tangany Custody Suite since 2018 to store their digital assets such as Bitcoin, Ethereum, NFTs, Security Tokens & Co. in so-called warm and cold wallets. Tangany’s goal was to make crypto custody more secure and accessible from a regulatory perspective, which is why the FinTech is already planning to apply for further licenses in Germany as well as expand its regulated business on an European level:
“We expect blockchain technology and digital assets such as Bitcoin, Ethereum as well as the tokenization of real assets also in connection with the newly introduced electronic securities to further develop strongly. Our goal is to support the new decentralized world with our underlying infrastructure (Custody Suite) as a B2B white-label provider, and thereby provide the traditional financial world with access to digital assets as well,” explains Julian Richter, Head of Sales and Business Development at Tangany.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups from the banking, financial services and digital economy sectors. Annerton is present at four locations in Berlin, Frankfurt am Main, Munich and Luxembourg with currently 21 lawyers, two tax advisors and other team members. Information: www.annerton.com
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