Standard Chartered unveiled plans for a fresh venture based in Luxembourg, which will function as their regulatory gateway for delivering cryptocurrency and digital asset safekeeping solutions to clients situated across the European Union (EU).
Starting next year, this international banking institution is primarily going to offer its cryptocurrency services within the region only for Bitcoin (BTC) and Ethereum (ETH). However, they have intentions to add more digital assets to their portfolio by late 2025.
Luxembourg Launch
As stated in the official announcement, the Luxembourg-based company takes advantage of Luxembourg’s well-balanced regulatory and financial conditions to cater to increasing client needs within the EU. Notably, Laurent Marochini has been named CEO for this new entity. It’s worth mentioning that Marochini previously held the position of Head of Innovation at Société Générale.
Regarding the latest addition to their team, Margaret Harwood-Jones, who holds the position of Global Head of Financing & Securities Services at Standard Chartered, made a statement.
Thrilled to extend our digital asset safekeeping services to the EU market! This expansion allows us to empower our clients with a groundbreaking product transforming conventional finance, all while ensuring the robust security that comes from being a well-regulated organization. We take immense pride in leading the path for our institutional clients to tap into the digital asset market.
Following Standard Chartered’s announcement to start cryptocurrency custody services in the United Arab Emirates (UAE), Luxembourg now follows suit. The bank has unveiled that its initial foray into digital asset custody will center on Bitcoin (BTC) and Ethereum (ETH). This initiative is being done in partnership with Brevan Howard Digital, the crypto division of investment firm Brevan Howard.
The recent progress coincides with the enactment of the Markets in Crypto Assets (MiCA) legislation, aligning with the worldwide strategy of this financial titan to broaden its array of digital asset services.
MiCA’s Rules For Exchanges
According to the MiCA regulation, cryptocurrency platforms labeled as Crypto-Asset Service Providers (CASPs) are obliged to follow a stringent set of rules to function within the European Union. This involves acquiring approval from national regulatory bodies, maintaining financial stability standards, and upholding operational transparency.
As a researcher, I advocate for the implementation of robust consumer protection strategies in my exchanges. This includes making terms of service crystal clear, providing transparent fee disclosures, and fortifying security systems to secure user funds and data. Moreover, it’s crucial that we maintain transparency by regularly reporting trading volumes, disclosing potential conflicts of interest, and maintaining detailed transaction records for accountability.
As a crypto investor, I’ve come to understand that the Markets in Crypto-Assets (MiCA) regulation introduces strict anti-money laundering measures. This means that exchanges will be obliged to verify my identity, monitor transactions for any suspicious activity, and preserve data for potential investigations. Complying with these requirements usually necessitates sophisticated compliance technologies and substantial financial investments in resources.
Specifically, smaller financial institutions often struggle to adhere to financial stability standards and establish complex regulatory frameworks.
In the case of smaller financial organizations, complying with financial stability rules and building advanced compliance systems can be particularly challenging.
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2025-01-10 20:08