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Invezz 2025-01-09 17:39:38

Standard Chartered launches crypto custody in Europe under MiCA framework

Standard Chartered, a leading global bank, has started offering cryptocurrency custody services in Europe after securing a license under the region’s new regulatory framework. On January 9, the banking giant announced its new European entity situated in Luxembourg, which will act as its “regulatory entry point for the provision of crypto and digital asset custody services”, operating under a digital asset license obtained in compliance with the Markets in Crypto-Assets (MiCA) Regulation. The move will expand the bank’s digital asset portfolio, and it plans to leverage Luxembourg’s “well-balanced regulatory and financial environment” to meet the growing demand for secure and regulated digital asset custody services across the European Union, the announcement noted. Laurent Marochini, former Head of Innovation at Société Générale will spearhead the bank’s efforts as CEO of the new entity in Luxembourg where it plans to leverage the region’s “well-balanced regulatory and financial environment” to offer secure and compliant digital asset custody services to institutional clients. Commenting on the development, Standard Chartered’s Global Head of Financing & Securities Services Margaret Harwood-Jones said: We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance whilst also providing the level of security that comes with being an appropriately regulated entity. The new entity complements the bank’s broader efforts to tap into the $3 trillion cryptocurrency market and follows the launch of its digital asset custody services in the United Arab Emirates (UAE) in September 2024. It wasn’t disclosed which crypto assets would be available to European customers, but the bank currently offers Bitcoin and Ether exposure to its clients in the UAE. Standard Chartered’s foray into blockchain Standard Chartered has a long history with cryptocurrencies, which dates back to 2021 when the bank first announced its intention to offer cryptocurrency trading services. Since then, it has indirectly ventured into crypto trading through its subsidiary, Zodia Markets , a platform offering institutional-grade cryptocurrency trading and settlement services. Over the years, the bank has demonstrated strong support for Bitcoin and was among the few leading institutions predicting that Bitcoin could surpass $100,000 by the end of 2024. Further, the bank has been actively exploring tokenization and completed the first live test of tokenized deposits within Hong Kong’s fintech sandbox in collaboration with Master Card. Meanwhile, in July, it joined the Hong Kong Monetary Authority’s stablecoin issuer sandbox alongside Animoca Brands and some other leading institutions, leveraging Zodia Custody’s institutional digital asset custody capabilities to securely manage the issuance and custody of stablecoins during the sandbox experiments. The post Standard Chartered launches crypto custody in Europe under MiCA framework appeared first on Invezz

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