Standard Chartered initiates a cryptocurrency custody service hub in Luxembourg, broadening its worldwide digital asset strategy to cater to escalating demand.
Significantly, Standard Chartered has unveiled plans to establish a new entity based in Luxembourg. This step aims to expand its crypto and digital asset custody services to clients within the European Union (EU), following the approval of the Markets in Crypto Assets (MiCA) Regulation. Notably, this entity will serve as Standard Chartered’s regulatory entry point within the EU.
As a crypto investor, I’m thrilled to see that Standard Chartered is expanding its global digital asset strategy by opening a business in Luxembourg. This move signals an increase in their digital asset offerings, which is exciting news for us investors. Just days ago, similar launches took place in the UAE, and the choice of Luxembourg appears to be strategic due to its robust regulatory and financial landscape. Moreover, this decision seems timely given the growing demand for such services within the EU.
The Luxembourg-based organization has selected Laurent Marochini as its new chief executive officer. Previously, he served as Head of Innovation at Société Générale. With extensive background in managing digital asset banks and traditional banking institutions, his appointment brings a wealth of relevant experience to the bank.
Standard Chartered Strengthens EU Position with Luxembourg Digital Asset Hub
About the proposal for crypto custody services within the European Union, Margaret Harwood-Jones, Head of Financing & Securities Service at Standard Chartered, expressed enthusiasm. She highlighted the importance of providing clients with secure and regulated solutions, which she believes are propelling the conventional financial sector towards the future. According to Harwood-Jones, Standard Chartered assists institutional clients in linking with the expanding digital asset network.
Conversely, Laurent Marochini, CEO of Standard Chartered Luxembourg, expressed his pride in being associated with the bank. The expanded entity is dedicated to providing top-notch service not only to clients but also to team members and shareholders.
Additionally, Standard Chartered launched a similar service involving digital asset custody in Dubai back in September. The DIFC (Dubai International Financial Centre) authorized the bank to provide this service following approval from the Dubai Financial Services Authority (DFSA). Furthermore, Standard Chartered is dedicated to expanding its digital asset operations in significant international markets.
In conclusion, Standard Chartered unveiled its Luxembourg division as part of their ongoing commitment to digital asset innovation. This move reinforces their presence in Europe and prepares them to address the escalating need for reliable and secure digital asset services.
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2025-01-10 13:15