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Standard Chartered Bank is entering the European cryptocurrency sector by introducing a regulated custody service for digital assets.
Standard Chartered, one of the largest global financial institutions, has announced the establishment of a new division in Luxembourg, which has already secured a license to provide custody services for crypto and digital assets throughout the European Union.
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The press release emphasizes that Luxembourg offers a well-structured regulatory and financial environment to address the increasing demand from clients within the EU. Additionally, the local license enables the bank to operate under the new European regulations governing the crypto-assets market (MiCA).
Waqar Chaudry, Head of Digital Assets at Standard Chartered, stated that at the outset, the bank will provide custody services for BTC and ETH, with intentions to broaden the list of supported digital assets by the end of 2025. The emphasis will be on the secure storage and protection of digital assets, supported by venture capital and the bank’s own balance sheet. The service will not include cryptocurrency trading.
In September 2024, Standard Chartered Bank obtained a license from the Dubai Financial Services Authority (DFSA) and launched BTC and ETH custody services for residents of the Dubai International Financial Centre (DIFC) free zone.
The announcement of Standard Chartered Launches Crypto Custody Service in Europe first appeared on CoinsPaid Media.
