ABN AMRO, a Dutch bank, received MiCAR approval and launched blockchain-based derivatives.
TL;DR
ABN AMRO's German subsidiary received MiCAR approval for crypto asset services, enabling EU-wide expansion. The bank also completed a blockchain-based OTC derivatives transaction with DZ BANK, enhancing transparency and efficiency.
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On December 26, ABN AMRO, a Dutch bank, made a key breakthrough in the digital asset field. Its German subsidiary, Hauck Aufhäuser Digital Custody, has been authorized under the EU's Crypto Asset Market Regulation Act, becoming one of the first institutions to receive such authorization to provide crypto asset custody and trading services to institutional clients within a unified EU regulatory framework.
MiCAR officially came into effect on December 30, 2024. With the approval of the German financial regulator BaFin, the subsidiary can safeguard and manage crypto assets for clients and plans to gradually extend the "passporting" of related services to other EU member states as part of ABN AMRO's European digital asset strategy.
At the same time, ABN AMRO also completed its first cross-border over-the-counter Smart Derivative Contract (SDC) transaction with DZ BANK. This transaction, based on blockchain technology, lasted 10 days, with settlement, valuation, and collateral management all completed automatically on-chain. Daily cash payments were executed instantly via SEPA and transmitted back to the smart contract, significantly improving transparency and operational efficiency.
ABN AMRO stated that SDC, by pre-setting market data and interest rate curves, effectively reduced collateral disputes and settlement complexities common in traditional OTC derivatives trading. DZ BANK believes that this transaction provides an industry-level paradigm for the comprehensive digital settlement of OTC derivatives, significantly reducing counterparty risk.