Hassan Maishera
TL;DR
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Standard Chartered is set to offer crypto custody services in the EU after obtaining a license in Luxembourg.
Standard Chartered to Offer Crypto Custody Services in Europe
The multinational banking giant Standard Chartered is expanding its cryptocurrency-related business in Europe after receiving a license in Luxembourg. The license would allow the bank to offer crypto custody services to its clients in the EU.
In its statement on Thursday, Standard Chartered revealed that it had launched a new entity in Luxembourg to “act as its EU regulatory entry point” to offer crypto custody services to EU clients in line with the Markets in Crypto Assets (MiCA) regulation.
The bank added that,
“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 named Laurent Marochini as the new CEO of its Luxembourg operations. The bank added that they are excited to offer their clients a product that is changing the landscape of traditional finance while providing the level of security that comes with being an appropriately regulated entity.
This latest development comes after Standard Chartered launched its crypto custody services in the UAE.
