Standard Chartered has launched a new entity to provide crypto custody services in the EU, following its UAE launch in September. The bank, an early entrant in spot crypto trading, already operates Bitcoin and Ethereum trading desks.
Thursday, the multinational bank Standard Chartered said it had created a new company to provide storage services for crypto and digital assets in the European Union.
Standard Chartered Plans to Expland
After starting to store digital assets in the United Arab Emirates in September, the company now has more good news. There were also Bitcoin and Ethereum trading desks at the British bank last year, making it one of the first banks in the world to start spot crypto tradi
“We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity,” said Standard Chartered Global Head of Financing and Securities Services Margaret Harwood-Jones, in a statement.
The bank said the new safekeeping service will “meet the needs of an increasing number of clients” and will be based in Luxembourg. Standard Chartered didn’t answer Decrypt’s questions right away.
Custody services store digital coins, which is a complicated process that can make people who want to invest feel frustrated and even scared.
Standard Chartered also said that Laurent Marochini, who used to work at Societe Generale Securities Services, had been named CEO of the Luxembourg company.
The EU has strict rules about things that are digital. In 2023, the 27-nation bloc set up stricter rules for the industry. Its Markets in Crypto Assets (MiCA) bill focused on controlling assets that have worried lawmakers for a long time, like stablecoins.
