Standard Chartered launches crypto services in Europe
Standard Chartered, one of the world’s leading banks, has officially entered the European cryptocurrency market.
On January 9, the bank announced the establishment of a new entity in Luxembourg, leveraging its recently acquired digital asset license to offer crypto and digital asset custody services. This strategic move positions the bank to operate under the European Union’s Markets in Crypto-Assets (MiCA) Regulation, a landmark framework for crypto regulation, reports Cointelegraph.
Leading the Luxembourg entity will be Laurent Marochini, former head of innovation at Société Générale, who brings extensive experience in financial innovation and blockchain.
Global Expansion of Digital Asset Offerings
This expansion marks another milestone in Standard Chartered’s global digital asset strategy. Just months earlier, the bank launched similar crypto custody services in the United Arab Emirates, providing institutional clients with access to Bitcoin (BTC) and Ethereum (ETH).
Margaret Harwood-Jones, Standard Chartered’s global head of financing, expressed excitement about the European launch:
“We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem. Our new digital asset custody services in the EU will support our clients with a product that is changing the landscape of traditional finance while adhering to the highest security standards.”
Years of Crypto Innovation
Standard Chartered’s foray into the crypto space has been years in the making. Reports from 2024 revealed the bank’s plans to develop crypto trading services under its London-based foreign exchange trading unit. These efforts follow earlier initiatives from 2021, when the bank considered launching a crypto exchange in Europe and joined an alliance of fintech firms and banks to promote best practices in the crypto industry.
Implications for the EU Market
The move to Luxembourg highlights Standard Chartered’s commitment to capitalizing on the opportunities presented by the MiCA Regulation, which aims to attract institutional investment by providing regulatory clarity. As the bank expands its crypto offerings, it positions itself as a key player in bridging traditional finance with the burgeoning digital asset ecosystem.
Recently we wrote, that El Salvador continues its aggressive Bitcoin strategy, with President Nayib Bukele hinting at potential purchases during the US government’s upcoming BTC auction.
- Forex
- Crypto