Denmark’s largest bank reverses course and allows cryptocurrency investments through regulated products.
Danske Bank, Denmark’s largest bank, has announced it will offer its clients the opportunity to invest in exchange-traded products (ETPs) on Bitcoin and Ethereum through the Danske eBanking and Danske Mobile Banking platforms. The decision marks a reversal from the institution’s previous stance, which had explicitly banned any cryptocurrency-related services since 2018.
The bank explained that the new offering responds to growing client demand and specifically targets users of its trading platform who do not receive investment advisory services. “Since cryptocurrencies have become a more common asset class, we are receiving an increasing number of requests from clients who want the option to invest in cryptocurrencies as part of their investment portfolio,” stated Kerstin Lysholm, head of investment products at Danske Bank.
The strategy shift represents a departure from the bank’s anti-crypto position. In 2018, Danske Bank had declared: “Overall, we are negative towards cryptocurrencies and strongly recommend our clients avoid investing in cryptocurrencies,” renewing the internal ban in 2021. Lysholm attributed the change to improved regulation of the cryptocurrency market in recent years, particularly thanks to the EU’s Markets in Crypto-Assets (MiCA) regulation.
Despite offering the new products, Danske Bank maintains a cautious position on cryptocurrencies. The bank has clarified that it does not recommend cryptocurrencies as an asset class and does not offer advisory services for these investments, considering them “opportunistic investments” rather than options for long-term investors. The products are only available to clients who pass an “appropriateness test” to ensure understanding of the risks. According to Triple-A data, Denmark had 70,605 cryptocurrency owners in 2024, representing 1.2% of the total population.
