Multinational bank Standard Chartered announced Thursday that it had formed a new entity offering crypto and digital asset custody services in the European Union.
The news comes after the firm in September launched digital asset custody services in the United Arab Emirates. And last year, the British bank became one of the first global banks to enter spot crypto trading, with Bitcoin and Ethereum trading desks.
“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 new custody service will “serve growing client demand,” the bank said, and will be based in Luxembourg. Standard Chartered did not immediately respond to Decrypt’s questions.
In the digital asset space, custody services take care of storing digital coins—a complex process that can frustrate and perhaps frighten many would-be investors.
Standard Chartered added it had appointed Laurent Marochini—who formerly worked at Societe Generale Securities Services—as the CEO of the Luxembourg entity.
The EU has strict rules on digital assets. The 27-nation bloc in 2023 set up tighter regulation frameworks for the industry, with its Markets in Crypto Assets (MiCA) law heavily focused on regulating assets that have long concerned lawmakers, such as stablecoins.
Edited by Andrew Hayward
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