Standard Chartered has obtained a license to provide crypto custody services in Luxembourg, according to a January 9 statement.
The approval comes under the Markets in Crypto-Assets (MiCA) framework, which provides a uniform regulatory approach for crypto companies across the European Union.
MiCA requires companies to obtain a Crypto Asset Service Provider (CASP) license from an EU member state. This license allows them to operate throughout the block. The regulation came into force in December 2024.
Standard Chartered plans to leverage Luxembourg’s stable financial environment and clear regulatory landscape to strengthen its regional presence. Notably, this move builds on the previous introduction of digital asset custody services in the UAE.
Margaret Harwood-Jones, the bank’s Global Head of Financing and Securities Services, emphasized that this initiative enables the bank to provide cutting-edge financial solutions while adhering to strict security and compliance standards.
She stated:
“We are very excited to be able to offer our digital asset custody services to the EU region, supporting our clients with a product that changes the landscape of the traditional financial world, while also providing the level of security that comes with goes with being a properly regulated entity.”
Laurent Marochini, an executive who previously worked at Société Générale as Head of Innovation, will lead the company’s Luxembourg operations.
Pro-crypto movements
This new effort continues the traditional financial institution’s increasing crypto efforts over the past year.
In June 2024, reports emerged that the banking giant was preparing to launch a spot trading desk for Bitcoin and Ethereum.the two largest digital assets by market capitalization.
Meanwhile, its subsidiaries, such as Zodia Markets, have also made waves in the emerging industry. Notably, it has enabled the first allocation of UK pension funds to Bitcoin through the Cartwright Pension Trusts.
Zodia Markets has also obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. This license allows the company to offer comprehensive digital asset solutions while integrating domestic banking systems for faster local settlements.