The post Standard Chartered unveils digital asset custody service in the UAE appeared on BitcoinEthereumNews.com.

Global bank Standard Chartered launched its digital asset custody service in the United Arab Emirates (UAE). The service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC). The service licensure follows a memorandum of understanding signed in May 2023. According to the financial institution, the initial focus will be on Bitcoin and Ethereum coins. Standard Chartered wants to meet the rising demand in the UAE  Standard Chartered’s decision to offer this service in the UAE reflects the country’s rounded approach towards accepting digital assets. Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as the first client. Bill Winters, Standard Chartered’s Group Chief Executive, commented on the development, noting that the launch of the digital asset custody offering represents a pivotal moment for Standard Chartered and the financial services industry. Winters also added that the bank firmly believes that digital assets are not merely a passing trend but a fundamental shift in the fabric of finance. Margaret Harwood-Jones, Global Head of Financing & Securities Services also said: This announcement demonstrates the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions. The service aims to address the regulatory, risk, and security needs of institutions. Margaret Harwood-Jones UAE growing as a crypto hub with robust regulations  The United Arab Emirates has become a key hub for cryptocurrency due to its supportive regulations and active initiatives to promote the digital asset industry. The UAE emphasizes merging innovation with Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules to attract institutional investors and businesses in regions like Abu Dhabi and Dubai.  The use of cryptocurrency among the populace is not widespread yet, at 10%. However, crypto usage in…

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Filed under: News - @ September 11, 2024 1:25 pm