Standard Chartered has announced that it will open a new entity in Luxembourg after receiving permission to offer digital asset custody services in the European Union.
Compliance with Regulations
Standard Chartered, the world’s 45th largest bank, is establishing a new structure in Luxembourg to adapt to regulatory changes in Europe’s digital asset markets. This new entity will offer crypto and digital asset custody services under MiCA regulations.
Management Staff
Laurent Marochini, former head of innovation at European banking giant Société Générale, has been appointed as CEO of the new Luxembourg entity. Marochini will direct the bank’s development in this field with his experience in the field of digital assets.
Standart Chartered launched its digital asset custody service in the United Arab Emirates last September and received approval from the Dubai Financial Services Authority (DFSA).
Hedge fund management company Brevan Howard Digital was chosen as the first customer. The service was initially based on Bitcoin 
$94,343.8 and Ethereum 
$3,243.3It supports .
“We are really excited to be able to offer our digital asset custody services to the EU region. “We provide our customers with a product that is changing the landscape of traditional finance while ensuring the level of security as a properly regulated organisation.” – Margaret Harwood-Jones, Head of Global Finance and Securities Services
Future Steps
This step taken by Standard Chartered in digital asset services will enable the bank to offer a wider range of services to its customers while reinforcing its leadership in financial technology. The new structure aims to facilitate access to the digital asset ecosystem across Europe.
This development strengthens the place of digital assets in the financial sector and provides the opportunity to provide services to customers in a more secure and regulated environment.
Customers will have the opportunity to manage their assets securely by benefiting from Standard Chartered’s digital asset custody services.
With the expansion of this service, the bank aims to take a more active role in the digital asset market and offer innovative solutions to its customers.
In line with customers’ demands for security in digital asset management, Standard Chartered’s investments in this area will continue.
This move of the bank in the field of digital assets is considered as a part of the digital transformation in the financial sector.
Evaluations on the future of digital assets will be shaped as more institutions begin to provide services in this field.
In light of these developments, it is expected that more options and security measures will be offered regarding digital asset management.
Customers will gain greater control and flexibility when managing their digital assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
