Standard Chartered recently announced the establishment of a new entity in Luxembourg following its approval to provide digital asset custody services in the European Union. This move is in line with the changing regulations in Europe’s digital asset markets and demonstrates the bank’s commitment to compliance and security.
To comply with the evolving regulations in the digital asset sector, Standard Chartered, the 45th largest bank in the world, has created this new structure in Luxembourg. The new entity will offer custody services for cryptocurrencies and digital assets under the MiCA regulations, ensuring adherence to European standards.
Laurent Marochini, former head of innovation at European banking giant Société Générale, has been appointed as the CEO of the new Luxembourg entity. With his extensive experience in the digital asset field, Marochini will guide the bank’s developments in this area.
In addition to this new entity in Luxembourg, Standard Chartered also launched digital asset custody services in the United Arab Emirates last September, after receiving approval from the Dubai Financial Services Authority (DFSA). The initial client for these services is hedge fund management firm Brevan Howard Digital, which will start with support for Bitcoin ($95,115) and Ethereum ($3,296).
Margaret Harwood-Jones, Head of Global Financing and Securities Services, expressed excitement about the opportunity to offer digital asset custody services in the EU, emphasizing the bank’s commitment to providing a regulated and secure environment for clients.
This strategic move by Standard Chartered strengthens its leadership in financial technology and aims to provide a wider range of services to clients. The new structure is expected to facilitate easier access to the digital asset ecosystem across Europe, further enhancing the position of digital assets in the financial sector.
