As a seasoned crypto investor with over a decade of experience under my belt, I find the latest move by Standard Chartered into the digital asset custody service sector nothing short of exhilarating. Having navigated through the wild west of cryptocurrencies since their inception, witnessing established financial giants like Standard Chartered entering this space is a testament to its legitimacy and long-term potential.
Standard Chartered bank has been given approval by the Dubai Financial Services Authority (DFSA) to initiate its digital asset storage service.
Standard Chartered, a major player in financial services, has initiated its digital asset custody service within the Dubai International Financial Centre (DIFC) free trade zone, following approval from the Dubai Financial Services Authority (DFSA), the regulatory body for the free zone. This venture is a collaborative effort with Brevan Howard Digital, the digital asset division of hedge fund Brevan Howard. Initially, the service will handle Bitcoin (BTC) and Ethereum (ETH). Over time, it plans to expand its offerings to include additional cryptocurrencies and potentially extend its services to other geographical regions.
It wasn’t unexpected that this news occurred, given Standard Chartered revealed plans for it more than a year ago by signing a Memorandum of Understanding (MoU) with the DIFC. The initial agreement has now developed into a full-fledged licensing arrangement over the course of more than a year.
Speaking about the features of this service, Margaret Harwood-Jones, Head of Financing & Securities Services at Standard Chartered worldwide, stated, “Our service isn’t just basic wallet services; it’s a complete solution designed to tackle the distinct issues of digital asset safekeeping from regulatory, risk, and prudential perspectives.” Brevan Howard Digital CEO Gautam Sharma commented, “Standard Chartered’s global standing and proven dedication in this field lends a significant level of credibility that is essential for institutional adoption.
Moreover, Bill Winters, Head of Standard Chartered Group, emphasized the significance of their venture into the digital asset sector, describing it as a crucial juncture for both the bank and the broader financial services industry. He stated that they view digital assets not just as a fleeting fad, but as a transformative change in the very nature of finance.
Standard Chartered is actively expanding its presence in the digital assets sector, as suggested by Winters’ statement. It collaborated with Animoca Brands for involvement in Hong Kong’s stablecoin experimental environment. Additionally, it teamed up with Crypto.com to offer fiat withdrawal and deposit services across 90 countries.
UAE Leads Crypto Adoption
During this period, the United Arab Emirates (UAE) has evolved into a top-tier destination for cryptocurrencies. According to Henley & Partners’ Crypto Adoption Index of 2024, the country holds the number one spot in global crypto adoption.
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2024-09-12 13:05