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Dutch Bank ABN AMRO Receives MiCAR Approval and Launches Blockchain-Based Derivatives
BlockBeats News, December 26th, ABN AMRO, a Dutch bank, has made a key advancement in the digital asset space. Its German subsidiary, Hauck Aufhäuser Digital Custody, has been granted authorization under the EU's "Crypto Asset Market Regulation Act," becoming one of the early approved institutions able 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 approval from the German financial regulator BaFin, the subsidiary is able to custody and manage crypto assets for clients and plans to gradually extend the related services through "passporting" to other EU member states as part of ABN AMRO's European digital asset strategy.
Meanwhile, ABN AMRO also completed the first cross-border over-the-counter Smart Derivative Contract (SDC) trade in collaboration with DZ BANK. The trade, running on blockchain technology, spanned 10 days, with settlement, valuation, and collateral management all automatically conducted on-chain, while daily cash payments were executed via SEPA and feedback looped back to the smart contract, significantly enhancing transparency and operational efficiency.
ABN AMRO stated that the SDC, leveraging preset market data and interest rate curves, effectively reduces the collateral disputes and settlement complexities common in traditional OTC derivative transactions. DZ BANK, on the other hand, believes that the trade sets an industry-level paradigm for the comprehensive digital settlement of OTC derivatives, helping to notably lower counterparty risk.
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