Standard Chartered Secures Digital Asset Licence in Luxembourg

UK-based Standard Chartered revealed plans on Thursday to establish a Luxembourg-based entity as its regulatory hub for crypto and digital asset custody services across the European Union (EU).

🚨 BREAKING 🚨

🇪🇺 $1 trillion Standard Chartered will
now start offering Bitcoin and crypto
custody services in the Europe.

Big win for mass adoption 🔥 pic.twitter.com/SRbGtVO1y5

— Ash Crypto (@Ashcryptoreal) January 9, 2025

In an announcement, the bank said this will be its European entry point following the implementation of the EU’s Markets in Crypto Assets (MiCA) regulation, which standardizes digital asset operations across EU countries.

The MiCA regulation establishes a unified legal framework for digital assets across the European Economic Area (EEA), seeking to improve consumer protection, transparency, and market stability.

Luxembourg: Standard Chartered’s EU Hub for Digital Assets

With its stable regulatory and financial infrastructure, Luxembourg offers an ideal environment for Standard Chartered to expand its digital asset services and cater to EU client demand.

Laurent Marochini, previously head of innovation at Société Générale, has been appointed CEO to lead the Luxembourg operations.

“We are excited to offer digital asset custody services in the EU, enabling us to support our clients with products transforming traditional finance,” said Margaret Harwood-Jones, global head of financing and Securities Services at Standard Chartered.

Standard Chartered Expands Crypto Custody Services to UAE

Standard Chartered also introduced crypto custody services in the UAE after securing a licence from the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre.

We believe that digital assets are here to stay and we have a role to play in helping clients access this space. In line with this, we are pleased to announce the launch of our Digital Asset Custody Service in the #UAE, marking a significant milestone in our journey to support… pic.twitter.com/APDp5gaEeQ

— Standard Chartered (@StanChart) October 16, 2024

The UAE is positioning itself as an attractive location for crypto and stablecoin ventures, particularly for firms seeking to operate outside the EU’s regulatory environment.

Industry experts note that the European regulatory framework, fully implemented on December 30, has created operational challenges for crypto firms, leading some to explore relocation options outside the 27-member bloc.