Standard Chartered Expands Crypto Custody Services in EU
- Standard Chartered establishes new entity in Luxembourg for crypto custody in the EU.
- New entity to operate under MiCA regulation.
- Previous launch of crypto services in the United Arab Emirates.
Standard Chartered, a British multinational bank, has revealed its plans to set up a new entity in Luxembourg to provide crypto custody services across the European Union. This strategic move is a response to the EU’s Markets in Crypto Assets (MiCA) regulation, which aims to standardize digital asset operations within member states.
Standard Chartered’s Cryptocurrency Ventures
The announcement was made in a press release on January 9, highlighting the Luxembourg branch as the bank’s gateway to entering the crypto custody market in Europe. This initiative follows Standard Chartered’s previous ventures into digital assets, including similar services launched in the United Arab Emirates, showcasing its commitment to the growing crypto industry.
Leading the new Luxembourg entity is Laurent Marochini, an industry veteran previously affiliated with Société Générale. In a statement, Marochini expressed his dedication to delivering top-tier services to clients and stakeholders, emphasizing his honor in joining Standard Chartered as CEO.
Margaret Harwood-Jones, the global head of financing & securities services at Standard Chartered, expressed the bank’s enthusiasm in extending digital asset custody services to the EU region. She emphasized the bank’s role in assisting institutional clients in navigating the digital asset landscape.
Standard Chartered’s Crypto Initiatives
Standard Chartered’s involvement in cryptocurrencies goes beyond custody services. The bank has been actively participating in the crypto space with ventures like Zodia Custody and Zodia Markets. Additionally, Standard Chartered holds a positive outlook on Bitcoin’s future, predicting a potential price surge to $250,000. The bank was recently chosen as the institutional crypto custodian by OKX.
Moreover, Standard Chartered is exploring opportunities in stablecoins, as evidenced by its involvement in Hong Kong’s stablecoin issuer sandbox and participation in China’s Digital Yuan Pilot in 2023. The bank’s expansion into the EU signifies its strategic shift towards becoming a significant player in the digital finance sector, aligning with regulatory frameworks like MiCA to ensure operational security and compliance.
