Standard Chartered Enters Regulated European Crypto Custody Market with Luxembourg Launch

Standard Chartered Ventures into Crypto Custody in Europe After MiCA Implementation

In a significant move to expand its digital asset portfolio, Standard Chartered has launched digital custody services in Luxembourg, following the implementation of the Markets in Crypto Assets (MiCA) regulatory framework. This strategic decision marks the bank’s regulated entry point to offer custody services within the European Union.

The new operation will initially focus on securing and protecting clients’ Bitcoin (BTC) and Ethereum (ETH) assets, two of the most well-known and high-capitalized cryptocurrencies. Although Standard Chartered 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.

As part of its efforts to advance security and regulatory compliance, the bank has appointed Laurent Marochini, former head of innovation at Société Générale, as CEO of the new entity in Luxembourg. Marochini’s appointment demonstrates Standard Chartered’s commitment to incorporating experienced financial professionals to lead its entry into the crypto market.

The choice of Luxembourg is due to its favorable regulatory environment, enabling the bank to expand its services within the European Union in an orderly manner. This move reinforces the growing trend among large financial institutions seeking to diversify their offerings and adapt to the increasing demand for digital assets.

Standard Chartered’s venture into crypto custody aims to be at the forefront of providing such services globally. The bank has already launched a similar service in the United Arab Emirates, showcasing its commitment to this area of growth.

Source: crypto-economy.com