Standard Chartered Expands Crypto Custody Services in Luxembourg
Standard Chartered has recently received a license to provide crypto custody services in Luxembourg, marking a significant step in its crypto journey. The approval falls under the Markets in Crypto-Assets (MiCA) framework, which aims to streamline regulatory processes for crypto businesses in the European Union.
Key Points:
- Standard Chartered obtains a Crypto Asset Service Provider (CASP) license from Luxembourg.
- MiCA framework sets unified regulations for crypto businesses in the EU.
- Regulation effective as of December 2024.
Regional Expansion and Compliance
With this new license, Standard Chartered plans to leverage Luxembourg’s stable financial environment and regulatory clarity to enhance its presence in the region. This move aligns with the bank’s commitment to providing cutting-edge financial solutions while maintaining strict security and compliance standards.
Quote:
“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.” – Margaret Harwood-Jones
Leadership and Expansion in the Crypto Space
Laurent Marochini, an executive with experience at Société Générale, will lead Standard Chartered’s operations in Luxembourg, overseeing the bank’s crypto initiatives in the region. This move signals the bank’s continued focus on expanding its presence in the crypto space.
Recent Crypto Initiatives:
- Preparation to launch a spot trading desk for Bitcoin and Ethereum.
- Facilitation of the UK’s first pension fund allocation into Bitcoin through Zodia Markets.
- Obtaining a Financial Services Permission from Abu Dhabi’s FSRA for comprehensive digital asset solutions.
Standard Chartered’s proactive approach to embracing cryptocurrencies underscores its commitment to innovation and growth in the rapidly evolving digital asset landscape.
