Standard Chartered, a major British bank, has received a license in Luxembourg to offer digital asset custody services throughout the European Union. This development is part of the bank’s strategy to expand its cryptocurrency services in line with the new Markets in Crypto-Assets (MiCA) regulations, which aim to standardize crypto rules across the EU.
With this license, Standard Chartered can create a regulated entry point into the EU, allowing it to provide secure crypto custody services to institutional clients. Margaret Harwood-Jones, the bank’s Global Head of Financing, expressed excitement about this innovation, emphasizing the combination of security and regulated banking.
Laurent Marochini, previously with Société Générale, will lead the new Luxembourg entity. This move is part of Standard Chartered’s broader strategy to enhance its digital asset offerings. The bank recently launched similar services in the UAE, strengthening its position in the digital finance sector.
Over the past year, Standard Chartered has actively engaged in cryptocurrency services. In October, it partnered with crypto exchange OKX to create a new security standard for institutional clients, acting as OKX’s third-party crypto custodian. Additionally, the bank is reportedly setting up a trading desk for Bitcoin and Ethereum, making it one of the first global banks to enter spot cryptocurrency trading.
Standard Chartered has also invested in its crypto subsidiaries, Zodia Custody and Zodia Markets, focusing on custody and over-the-counter trading. In November 2024, it launched a blockchain unit named Libeara, further demonstrating its commitment to digital assets.
The recent implementation of the MiCA framework is encouraging more companies to seek compliance and expand their crypto service s in Europe.
