TL;DR

Standard Chartered launches digital custody services in Luxembourg after obtaining a MiCA license, aiming to expand its digital asset portfolio in Europe.
The initial offering will be limited to the custody of Bitcoin and Ethereum, with plans to include more assets in 2025. Crypto trading services will not be offered at this stage.
Laurent Marochini, former head of innovation at Société Générale, will lead the new entity in Luxembourg, focusing on ensuring high standards of security and regulatory compliance.

Standard Chartered has begun its foray into the European crypto market with the launch of digital custody services in Luxembourg, after obtaining a license under the MiCA regulatory framework.

This new operation establishes a regulated entry point to offer custody services to clients within the European Union. These developments will enable the bank to advance its strategy to expand its digital asset portfolio.

Standard Chartered’s initial offering will be limited to the custody of Bitcoin (BTC) and Ethereum (ETH), two of the most well-known and highest-capitalized cryptocurrencies. Although the bank does not plan to offer crypto trading services at this stage, the possibility of adding more assets in the future is considered, with expansion goals set for 2025. The custody service will focus on securing and protecting clients’ digital assets, a service increasingly demanded by institutional investors.

Standard Chartered Will Ensure Security and Regulatory Compliance

Laurent Marochini, former head of innovation at Société Générale, will be the CEO of the new entity in Luxembourg. His appointment demonstrates that Standard Chartered seeks to incorporate experienced financial professionals to lead its entry into the crypto market. Marochini aims to advance the development of these services in the region, ensuring high standards of security and regulatory compliance.

Standard Chartered aims to be at the forefront of crypto asset custody globally. In this regard, the bank has already launched a similar service in the United Arab Emirates, and the choice of Luxembourg is due to its favorable regulatory environment, allowing for orderly expansion within the European Union.

Large financial institutions are seeking to diversify their services, adapting to the growing demand for digital assets. As regulations become clearer, more financial entities are expected to follow the example of Standard Chartered and other major banks.

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Filed under: News - @ January 9, 2025 4:28 pm