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Standard Chartered Ventures Into Crypto Custody in Europe Following MiCA Implementation
London-based financial giant Standard Chartered has made a significant foray into the European crypto market by launching digital custody services in Luxembourg, following the receipt of a license under the new EU regulatory framework, known as Markets in Crypto-Assets (MiCA). This strategic move marks a major milestone in the bank’s expansion plans, positioning itself at the forefront of global crypto asset custody.
By obtaining a license under MiCA, Standard Chartered has secured a regulated entry point to offer custody services to clients within the European Union. The initial offering will focus on securing and protecting Bitcoin (BTC) and Ethereum (ETH), two of the most widely recognized and highly capitalized cryptocurrencies. Although the bank is not currently offering crypto trading services, it does leave room for potential future additions.
The new service aims to cater to institutional investors seeking secure custody solutions for their digital assets. The increasing demand for such services has led financial institutions like Standard Chartered to adapt to this growing market trend. As regulations continue to evolve, more prominent financial entities are expected to follow suit and diversify their offerings.
Standard Chartered’s entry into the European crypto market demonstrates its commitment to embracing innovation while maintaining regulatory compliance. Laurent Marochini, a former head of innovation at Société Générale, will be leading the new Luxembourg-based entity as CEO. His appointment underscores Standard Chartered’s intention to prioritize experienced financial professionals in their foray into the digital asset space.
The bank has already launched a similar service in the United Arab Emirates and chose Luxembourg due to its favorable regulatory environment, allowing for controlled expansion within the European Union. This move will help standardize global custody standards across jurisdictions.
In conclusion, Standard Chartered’s strategic decision to enter the EU crypto market signals a significant shift towards embracing digital assets while maintaining regulatory compliance.
Source: crypto-economy.com
