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Standard Chartered is making waves in the financial world with its latest move to broaden its global footprint in cryptocurrency custody services. The multinational bank has recently announced its expansion into the United Arab Emirates (UAE), a strategic decision that highlights the country’s growing prominence as a global crypto hub.
UAE Embraces Digital Assets
On Tuesday, Standard Chartered revealed that it has received regulatory approval from the Dubai Financial Services Authority (DFSA) to operate its crypto custody service under the Dubai International Financial Centre (DIFC). This significant milestone marks the bank’s formal entry into the UAE’s digital asset market.
The new service is set to offer institutional investors a secure sanctuary for their cryptocurrency holdings, starting with Bitcoin and Ethereum—the two largest and most established digital assets. This initial offering underscores Standard Chartered’s commitment to providing top-notch security for high-value crypto assets.
First Client Secured
In an exciting development, Standard Chartered has already onboarded its first client: Brevan Howard Digital. This firm, the crypto arm of the renowned Jersey-based investment management company Brevan Howard, will benefit from the bank’s advanced custody solutions. The partnership signals a strong start for Standard Chartered’s UAE venture, setting the stage for further expansion into other digital assets.
Global Crypto Push
Standard Chartered’s entry into the UAE is part of a broader strategy to enhance its global presence in the cryptocurrency space. The bank recently announced plans to launch a spot trading desk for Bitcoin and Ethereum in London, further solidifying its commitment to digital asset markets.
This expansion into the UAE aligns with the country’s proactive stance on cryptocurrency adoption. The UAE has established itself as a leading environment for digital currencies, supported by favorable regulatory frameworks and a growing infrastructure for virtual assets. The recent legal acknowledgment of cryptocurrencies as a valid means of salary payment exemplifies the country’s progressive approach.
The UAE, alongside other Asian Pacific regions like Hong Kong, is leveraging regulatory leniency to position itself as a central hub for global cryptocurrency activities. With its crypto-friendly regulations and innovative financial initiatives, the UAE continues to attract significant attention from digital asset firms.
Also Read: Crypto.com And Standard Chartered Join Forces To Revolutionize Global Crypto Access
Adding to this momentum, Tether has announced plans to launch a dirham-pegged stablecoin in collaboration with Phoenix Group and Green Acorn Investment, further integrating cryptocurrency into the UAE’s financial landscape.
As Standard Chartered prepares to debut its crypto custody services in Dubai, it marks a pivotal moment in the global expansion of digital asset management. The UAE’s favorable regulatory environment and strategic initiatives make it a prime location for Standard Chartered’s ambitious plans, setting the stage for a new chapter in the cryptocurrency era.
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.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
