Standard Chartered has obtained regulatory approval to expand its digital asset custody services in the European Union. The bank will establish a new entity in Luxembourg to offer these services to clients across the EU.

Regulation and Expansion

Standard Chartered's move aligns with the implementation of the Markets in Crypto Assets (MiCA) regulation, which aims to regulate cryptocurrencies and digital assets in the region. This regulatory approval allows the bank to provide secure and regulated digital asset custody services to its clients.

Margaret Harwood-Jones, the global head of financing and securities services at Standard Chartered, expressed excitement about the new offering, emphasizing the importance of providing clients with a secure and regulated product.

Leadership and Expertise

Laurent Marochini, previously the head of innovation at Société Générale, has been appointed to lead the Luxembourg entity. With his experience and expertise, Marochini will play a crucial role in establishing and managing the digital asset custody services in the European Union.

Expanding Services Globally

Standard Chartered has already launched a similar custody service in the United Arab Emirates, catering to the growing demand for secure digital asset management solutions. The approval for Standard Chartered's digital asset custody services comes at a time when regulatory frameworks for cryptocurrencies are becoming more defined globally.

Enhancing Legitimacy and Attracting Investors

The entry of established banks into cryptocurrency custody services is likely to enhance the legitimacy of digital assets and attract more institutional investors. Standard Chartered aims to become a key player in the digital asset ecosystem by providing secure and compliant solutions.

As the digital asset landscape continues to evolve, traditional banks like Standard Chartered can help bridge the gap between traditional finance and the emerging world of digital assets.