June 15, 2022

Setup and license application for crypto custody business

Founders of FinPlanet in a leading position for setting up the crypto custody business during their employment at Bankhaus von der Heydt

Customer type

Financial Institutions

Expertise

Crypto custody

Provided services

License Applications

Strategy Consulting

Background

The private bank Bankhaus von der Heydt GmbH & Co. KG, which is currently focused on financial structuring, corporate finance and the traditional paying agent business, has set itself the strategic goal of using blockchain technology for the securities business. In this context, the crypto custody business should be set up for the B2B and B2B2C sectors.

Challenge

· Setup of the new business area for entering the grandfathering program (i.e. for obtaining a provisional license in accordance with KWG 64y) while carrying out the day-to-day business

· Submission of the final license application within 6 months

· Limited human and financial resources

Our support

· Project management for the regulatory-compliant setup of the new business area, as well as for the license application

· Implementation of the new product process

· Development of internal processes, written regulations and further documentation

· Communication with supervisory authorities and contact person for queries

· Provider selection as part of outsourcing management

· Preparation of business plans including market and competition analyses as well as necessary strategies

Our customer's achievement

· Regulatory-compliant setup of the crypto custody business within the existing project timeline

· Receipt of a provisional license to operate the crypto custody business in accordance with KWG 64y

Project team

Maximilian Ludwig, CFA

Sebastian Liebscher

Schedule your first meeting with our team.

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