Standard Chartered, a British bank, has established a new corporation in Luxembourg to enter the European cryptocurrency market. This decision comes after the bank successfully obtained a digital asset license under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.
The newly established Luxembourg firm will serve as a gateway for Standard Chartered to provide bitcoin and digital asset custody services throughout the EU. The bank’s substantial risk capital and balance sheet bolster the service, initially limited to Bitcoin and Ether, ensuring the secure storage and protection of digital assets.
The CEO of the Luxembourg operation is Laurent Marochini, a former employee of Société Générale. Standard Chartered sets itself apart by emphasizing crypto custody services, as its current European offerings do not include trading services.
This strategic expansion into Luxembourg is part of Standard Chartered’s overall global drive into digital asset services. In September 2024, the bank will launch similar custody services in the United Arab Emirates, allowing institutional clients to securely access leading cryptocurrencies.
Margaret Harwood-Jones, Standard Chartered’s global head of financing, expressed enthusiasm for the effort and emphasized its importance in modernizing traditional finance. “We are proud to offer secure digital asset custody services to our EU clients, paving the way for institutions to access the evolving crypto ecosystem while maintaining regulatory compliance,” she told me.
Standard Chartered’s entry into bitcoin services has been years in the works. In 2024, the bank unveiled intentions to integrate cryptocurrency trading into its London-based foreign exchange trading subsidiary. Its collaboration with prominent industry players and regulatory agencies since 2021 demonstrates its commitment to creating the future of finance through digital assets.
With its Luxembourg business operational, Standard Chartered is well-positioned to address Europe’s growing demand for institutional-grade digital asset solutions.
