Standard Chartered Bank has established a new Luxembourg entity that provides crypto and Bitcoin custody services across the European Union (EU).
This move serves as a regulatory entry point into the EU market. It aligns with the bank’s strategic response to growing client demand for secure digital asset solutions following the implementation of the Markets in Crypto-Assets (MiCA) regulation.
A Broader Digital Asset Strategy
Per their press release, this development is part of Standard Chartered’s broader digital asset strategy, reflecting its ambition to expand global custody offerings. The bank chose Luxembourg due to its well-regulated financial environment. It deemed it suitable for addressing the increasing institutional interest in the EU market.
Notably, Laurent Marochini has been appointed the CEO of the Luxembourg entity. He brings significant expertise to the role, having previously served as Head of Innovation at Société Générale. Marochini’s leadership is expected to bolster the bank’s efforts to establish a robust foothold in the EU digital asset ecosystem.
Margaret Harwood-Jones, the Global Head of Financing & Securities Services at Standard Chartered, expressed enthusiasm about the bank’s latest expansion into the European Union’s digital asset market.
Harwood-Jones highlighted the strategic importance of offering regulated digital asset custody services in the region. Moreover, she emphasized the bank’s commitment to providing institutional clients with secure solutions aligned with evolving financial ecosystems.
Previous Expansion Efforts in the UAE
The Luxembourg initiative builds on the bank’s recent achievements, including its launch of digital asset custody services in the UAE.
Prior to its Luxembourg entry, Standard Chartered had expanded its digital asset custody services in the UAE, obtaining regulatory approval from the Dubai Financial Services Authority (DFSA). This license, granted under the Dubai International Financial Centre (DIFC), enabled the bank to offer custody solutions for institutional clients.
Standard Chartered’s UAE custody services focused on Bitcoin and Ethereum, catering to institutional investors seeking secure storage for their crypto assets.
Notably, Brevan Howard Digital became the bank’s first institutional client for digital asset custody in the UAE. This expansion complemented the bank’s plan to launch a spot trading desk for Bitcoin and Ethereum in London.
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