Standard Chartered has expanded its cryptocurrency services in Europe after acquiring a digital asset license in Luxembourg. This move is part of the bank's strategy to establish a presence in the evolving digital asset landscape.
Standard Chartered has acquired a digital asset license in Luxembourg, allowing it to expand its cryptocurrency services in Europe. The bank aims to establish a strong presence in the evolving digital asset landscape and cater to institutional clients seeking exposure to major cryptocurrencies.
As part of its expansion, Standard Chartered has established a new entity in Luxembourg. This entity will serve as the bank's regulatory entry point for offering crypto and digital asset custody services within the European Union. Laurent Marochini, previously from Société Générale, has been appointed as the CEO of this new entity.
Standard Chartered has been planning its digital asset services for several years and has actively engaged with industry peers to foster best practices in the crypto sector. By establishing a regulated presence in Luxembourg, the bank is well-positioned to leverage the growing interest in digital assets among institutional investors.
The introduction of crypto custody services by Standard Chartered reflects the increasing demand for secure and regulated custody solutions in the evolving landscape of digital finance. Institutional investors are seeking reliable and trustworthy platforms to securely store their digital assets, and Standard Chartered aims to meet this demand.