Standard Chartered is opening a new entity in Luxembourg after receiving approval to offer digital asset custody services in the European Union.
In a statement, the world’s 45th largest bank said say the entity will serve as a regulatory access point for offering cryptocurrency and digital asset custody services to customers in the EU following the region’s implementation of the Regulation on Markets in Crypto Assets (MiCA).
Says Margaret Harwood-Jones, Global Head of Finance and Securities Services at Standard Chartered:
“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. We are incredibly proud to pave the way for our institutional clients to access the digital asset ecosystem.”
Laurent Marochini, former head of innovation at European banking giant Société Générale, was appointed CEO of the Luxembourg entity.
In September, Standard Chartered also launched its digital asset custody service in the United States United Arab Emirates after obtaining a seal of approval from the Dubai Financial Services Authority (DFSA).
Brevan Howard Digital, the digital asset division of hedge fund management firm Brevan Howard, is the first customer of the service, which will initially support Bitcoin (BTC) and Ethereum (ETH).
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