Wu said that according to ledgerinsights, German tokenization company Cashlink has obtained a cryptocurrency custody license issued by the regulator BaFin. The company previously held a cryptocurrency securities registrar license. Under German law, when securities are issued on DLT, a registrar can be used instead of a central securities depository (CSD). With the new license, it can now manage private keys associated with tokenized securities that it has participated in issuing and registering.