Standard Chartered Launches Crypto Custody Service in Europe

Banking giant Standard Chartered is entering the European cryptocurrency services market by launching a regulated custody service for digital assets.

Standard Chartered, one of the largest multinational financial corporations, announced the creation of a new division in Luxembourg, which already obtained a license to offer crypto and digital asset custody services within the European Union.

The press release highlights that Luxembourg provides a well-balanced regulatory and financial environment to meet the growing demand from clients in the EU. Additionally, the local license allows the bank to operate under the new European legislation governing the crypto-assets market (MiCA).

Waqar Chaudry, Head of Digital Assets at Standard Chartered, commented that at launch, the bank will offer BTC and ETH custody services, with plans to expand the list of supported digital assets by the end of 2025. The focus will be on secure storage and protection of digital assets, backed by venture capital and the bank’s own balance sheet. The service won’t include crypto trading.

In September 2024, Standard Chartered Bank received a license from the Dubai Financial Services Authority (DFSA) and launched BTC and ETH custody services for residents of the Dubai International Financial Centre (DIFC) free zone.