Standard Chartered To Launch Crypto Services In Europe

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Financial titan Standard Chartered plans to introduce cryptocurrency services across Europe, following the acquisition of a digital asset license in Luxembourg under the MiCA regulatory system.

A major bank has revealed plans to set up a new division in Luxembourg, serving as their regulatory access point within the European Union. This move enables them to provide cryptocurrency and digital asset storage solutions.

Standard Chartered To Debut Crypto Custody Services In EU 

In an important step forward, Standard Chartered plans to introduce Bitcoin and cryptocurrency storage services within the European Union following the acquisition of a license in Luxembourg. According to their statement, they have established a new entity in Luxembourg to serve as their regulatory gateway across the EU. This action follows the implementation of the Markets in Crypto Assets (MiCA) Regulation, a comprehensive regulatory structure for crypto assets within the EU. This strategic move aims to capitalize on the rising trend of digital asset usage.

Breaking News: Leading Asset Manager, Standard Chartered, Plans to Launch Bitcoin and Cryptocurrency Storage Services Across Europe.

Previously serving as the Innovation Director at Société Générale, a major French financial group, Laurent Marochini has been appointed as the Chief Executive Officer (CEO) of their Luxembourg division.

Only Custody Services 

As a forward-thinking crypto investor, I’m excited to learn that Standard Chartered is entering the crypto market, initially focusing on Bitcoin (BTC) and Ethereum (ETH). However, as the year unfolds, they plan to expand their offerings to include more digital assets. It’s worth noting that for now, their European products will only provide custody services, not trading opportunities. This move signifies a significant step towards mainstream crypto adoption by traditional financial institutions.

At present, we do not facilitate trading via Luxembourg. Currently, there’s no specific schedule for when this might change.

Chaudry stated that the custody (responsibility for safekeeping assets) is internally sourced at Standard Chartered, carrying a substantial risk capital and financial backing. Standard Chartered stands alone as the sole global bank in the custodial sector. This year, Standard Chartered and other financial institutions are looking into various options to penetrate the cryptocurrency market. Many of these institutions anticipate a welcoming regulatory landscape once Donald Trump assumes office.

Global Ambitions 

The action is a component of Standard Chartered’s broader plan to increase its cryptocurrency custody solutions. This launch follows the bank initiating crypto custody services in the UAE last September. In line with their UAE offerings, Standard Chartered has also been offering exposure to Bitcoin (BTC) and Ethereum (ETH). Margaret Harwood-Jones, the Global Head of Financing at Standard Chartered, stated…

Thrilled to extend our digital asset safekeeping solutions to the European Union! This allows us to assist our clients in navigating a new financial terrain. We take great pride in being at the forefront, helping our institutional clients tap into the digital asset marketplace.

In June 2024, Standard Chartered initiated work on cryptocurrency services, with rumors indicating that the bank might manage this new service through its foreign exchange trading division based in London.

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2025-01-10 17:10