Standard Chartered, the 45th-largest bank in the world, is expanding its reach by opening a new entity in Luxembourg. This move comes after the bank obtained approval to offer digital asset custody services in the European Union. The new entity will serve as the regulatory entry point for providing crypto and digital asset custody services to clients in the EU, following the implementation of the Markets in Crypto Assets (MiCA) regulation in the region.
Margaret Harwood-Jones, the global head of financing and securities services at Standard Chartered, expressed excitement about the opportunity to offer digital asset custody services in the EU. She highlighted the significance of this product in transforming traditional finance and emphasized the importance of operating as a regulated entity to ensure security for clients. Harwood-Jones stated, “We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”
To lead this new venture, Laurent Marochini, former head of innovation at Société Générale, has been appointed as the CEO of the Luxembourg entity. This strategic hiring brings valuable experience and expertise to Standard Chartered’s digital asset custody services.
In addition to its expansion in Luxembourg, Standard Chartered recently launched its digital asset custody service in the United Arab Emirates after receiving approval from the Dubai Financial Services Authority (DFSA). The inaugural client of this service is Brevan Howard Digital, the digital asset division of hedge fund management company Brevan Howard. Initially, the service will support Bitcoin (BTC) and Ethereum (ETH) transactions.
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As Standard Chartered continues to expand its presence in the digital asset ecosystem, it is setting a new standard for institutional clients to access and navigate this evolving landscape. With a focus on security, regulation, and innovation, the bank is poised to play a significant role in shaping the future of finance.