Standard Chartered has expanded its crypto custody services in Luxembourg, aiming to provide secure and regulated digital asset custody services to clients across the European Union (EU).
The bank's initial focus will be on Bitcoin and Ethereum, with plans to expand its asset range by 2025.
The appointment of Laurent Marochini as CEO of the Luxembourg entity highlights the bank's commitment to innovation in the digital asset space.
The launch coincides with the implementation of the Markets in Crypto Assets (MiCA) regulation, which establishes a comprehensive framework for crypto exchanges operating within the EU.
MiCA mandates that exchanges obtain authorization from national regulatory authorities, ensuring compliance with financial stability benchmarks and operational transparency.
The regulation also emphasizes consumer protection, transparency, and anti-money laundering measures.
Standard Chartered's expansion in Luxembourg follows its recent decision to offer crypto custody services in the UAE.
The collaboration with Brevan Howard Digital further enhances the bank's capabilities in the digital asset space.
The establishment of the Luxembourg entity demonstrates the bank's commitment to providing secure and regulated digital asset custody solutions to its clients in the EU.