Standard Chartered is opening a new entity in Luxembourg after obtaining approval to offer digital asset custody services in the European Union.
In a statement, the world’s 45th-largest bank says the entity will serve as its regulatory entry point for offering crypto and digital asset custody services to clients in the EU following the region’s implementation of the Markets in Crypto Assets (MiCA) regulation.
[adinserter block="1"]Says Margaret Harwood-Jones, Standard Chartered’s global head of financing and securities services,
“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.”
Laurent Marochini, former head of innovation at European banking giant Société Générale, was appointed CEO of the Luxembourg entity.
In September, Standard Chartered also launched its digital asset custody service in the United Arab Emirates after getting a seal of approval from the Dubai Financial Services Authority (DFSA).
Brevan Howard Digital, the digital asset division of hedge fund management company Brevan Howard, is the inaugural client of the service, which initially supports Bitcoin (BTC) and Ethereum (ETH).
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