In a strategic move to tap into the growing European Union digital asset market, Standard Chartered has expanded its custody services to Luxembourg, aligning with the newly introduced Markets in Crypto-Assets (MiCA) regulation. This expansion marks the bank’s latest effort to meet the increasing demand for secure digital asset solutions among institutional clients. By entering Luxembourg, a jurisdiction renowned for its well-regulated financial environment, Standard Chartered aims to solidify its position as a global leader in digital asset custody services.
Strategic Response to MiCA Regulation and Growing Demand
Standard Chartered’s expansion into Luxembourg underscores its proactive response to the evolving digital asset landscape in Europe. The bank’s decision to base its services in Luxembourg reflects its recognition of the country’s strong regulatory framework, ideal for fostering institutional interest. Laurent Marochini, a former Head of Innovation at Société Générale, has been appointed CEO of the Luxembourg entity. Marochini’s experience and expertise are expected to play a crucial role in strengthening the bank’s foothold in the European digital asset ecosystem.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, emphasized the importance of offering regulated digital asset custody services to institutional clients. As regulatory clarity around digital assets increases, the bank is committed to providing secure solutions aligned with the evolving financial ecosystem.
Building on UAE Success
This move builds on Standard Chartered’s recent successes in the UAE, where it launched digital asset custody services after receiving regulatory approval from the Dubai Financial Services Authority (DFSA). In the UAE, the bank has already gained notable traction, with Brevan Howard Digital becoming its first institutional client in the region. Standard Chartered is also planning to expand its offerings with a spot trading desk for Bitcoin and Ethereum in London.
Standard Chartered’s expansion efforts in Luxembourg and the UAE underscore its commitment to addressing the needs of institutional clients in a rapidly evolving digital asset landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
