- Standard Chartered has secured a digital asset custody license in Luxembourg.
- The new entity aligns with the introduction of the Markets in Crypto Assets (MiCA) regulation.
Standard Chartered, a British multinational bank, has launched a new entity in Luxembourg. This provides crypto and digital asset custody services across the European Union (EU).
Besides, this step follows the introduction of the Markets in Crypto Assets (MiCA) regulation, by which the bank can respond to the rising demand for secure digital asset services by institutional investors in the area.
In particular, the Luxembourg entity will be Standard Chartered’s single access point to the EU, in addition to the recent introduction of similar facilities in the United Arab Emirates. Moreover, this expansion is part of the bank’s wider digital asset strategy. It utilizes Luxembourg’s balanced mix of regulatory and financial conditions for EU clients.
The Global Head of Financing & Securities Services at Standard Chartered, Margaret Harwood-Jones stated,
“We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity.”
In addition, as part of guiding the venture, Standard Chartered has hired Laurent Marochini as the chief executive officer of the Luxembourg office. Marochini was Head of Innovation at Societe Generale before joining.
On the other hand, Zodia Markets’ recent acquisition of Elwood Capital Management Ltd (ECML), backed by Standard Chartered, is in line with the bank’s digital asset strategy and its new crypto custody centre in Luxembourg.
By improving its trading and custody capabilities, it is demonstrating its dedication to providing clients in the EU and around the world with all-inclusive digital asset solutions.
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