Standard Chartered launches virtual currency custody entity in EU. The new entity will be based in Luxembourg and will operate under MiCA regulations. Standard Chartered has launched cryptocurrency services in the United Arab Emirates.
British multinational bank Standard Chartered has announced the establishment of a new company in Luxembourg aimed at providing crypto asset custody services across the European Union.
The move is in response to the EU’s newly enacted Market in Crypto Assets (MiCA) regulation, which aims to standardize the operations of digital asset providers across member states.
Standard Chartered’s foray into cryptocurrency services
The announcement was made via a press release on January 9, detailing that the Luxembourg branch will serve as a gateway for Standard Chartered’s expansion into the European cryptocurrency custody market.
Notably, the move follows the bank’s previous foray into digital assets, including a similar service launched in the United Arab Emirates, and the company’s efforts to capitalize on the burgeoning crypto sector. is shown.
The new Luxembourg entity will be led by Laurent Marrochini, an innovation veteran who previously worked at Societe Generale.
Mr. Marrochini said he is honored to join Standard Chartered Luxembourg’s management team and emphasized that the company is committed to providing the highest level of service to its clients, team and stakeholders. “I am honored to join Standard Chartered Luxembourg, a leading international bank, as CEO. I am fully committed to delivering excellence,” Mr. Marrochini said in a press release.
Margaret Harwood-Jones, Standard Chartered’s global head of financial and securities services, highlighted the bank’s excitement to expand its digital asset custody services across the EU. “We are really excited to bring our digital asset custody services to the EU region,” he said, highlighting the bank’s role in helping institutional clients navigate the digital asset ecosystem.
Standard Chartered’s efforts in cryptocurrencies go beyond custody services. The bank is particularly active in the cryptocurrency space, with ventures such as Zodia Custody and Zodia Market, and is optimistic about the future of Bitcoin, with the potential for it to rise to $250,000. I predict that there will be. He was recently selected by OKX as an Institutional Crypto Custodian.
Additionally, the bank is exploring stablecoin opportunities, as evidenced by its participation in Hong Kong’s stablecoin issuer sandbox and participation in China’s digital yuan pilot in 2023.
The expansion into the EU highlights Standard Chartered’s strategic shift towards becoming a key player in the digital financial environment, aligning with regulatory frameworks such as MiCA to ensure security and compliance in its operations. be.
