Standard Chartered launches crypto custody services in Europe

Standard Chartered has announced the launch of its crypto services in Europe after securing a digital asset licence under the Markets in Crypto Assets (MiCA) Regulation framework. The bank has opened a new entity in Luxembourg to offer crypto and digital asset custody services to customers and partners across the EU.

The opening of the business in Luxembourg is part of Standard Chartered’s global digital asset strategy, enabling the broadening of its digital asset portfolio.

This follows the recent launch of digital asset custody services in the UAE, with Luxembourg having a well-balanced regulatory and financial environment in order to meet growing client demand in the EU.

Standard Chartered has appointed Laurent Marochini as the CEO of the Luxembourg entity. Laurent joins from Société Générale, where his last position was Head of Innovation and brings a wealth of experience to the role.

Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, said, “We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity. We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”

According to reports, Standard Chartered’s initial crypto offering in the EU will focus on Bitcoin (BTC) and Ether (ETH), with plans to add more assets in 2025. At launch, the bank will exclusively offer crypto custody services, which involve securely storing and safeguarding digital assets for their owners. These custody services will be provided directly by Standard Chartered, supported by a substantial risk capital and balance sheet.

Source: IBS Intelligence

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