Asset Servicing Times | Benjamin Duve takes on new digital assets role at Commerzbank

Benjamin Duve has been appointed as head of digital assets and custody at Commerzbank, based in Frankfurt.


In his new role, in addition to running custody, Duve is charged with looking into the opportunities offered in the fast-changing field of digital assets based on the developments overall.


Duve has worked at Commerzbank for 13 years. He most recently held the job role as head of custody and direct market access, director.


The appointment comes after the Germany Finance Ministry proposed legislation to modernise German securities law and the associated supervisory law on 11 August.


With the establishment of digital securities, the German Finance Ministry noted that one of the central components of the Federal Government’s blockchain strategy and the joint key issues paper of the BMF and the BMJV on electronic securities will be implemented.


According to the current legal situation, financial instruments that are classified as securities under civil law must be securitised in a document.


The proposed regulation also creates regulatory clarity, according to the German Finance Ministry.


It noted that the Federal Financial Supervisory Authority will monitor the issuance and the maintenance of decentralised registers as new financial services under the eWpG, the KWG and the central securities depository regulation.


The ministry of finance said the draft differentiates between the maintenance of a central electronic securities register by a central securities depository and the maintenance of registers for issuing electronic bonds made possible by distributed ledger technologies, among other things.


It added: “Adapting the legal framework to new technologies, especially blockchain technology, serves to strengthen Germany as a business location and increase transparency, market integrity and investor protection.”

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