Standard Chartered, a well-known global bank managing assets worth $870 billion, has established a new entity in Luxembourg to provide cryptocurrency and digital asset custody services across the European Union.
Why Standard Chartered Chose Luxembourg?
This move is strategic move that is designed to meet the increasing demand for secure digital asset storage solutions among institutional investors. Standard Chartered will be leveraging Luxembourg’s stable financial conditions and clear and crisp regulatory framework, which also include the Markets in Crypto-Assets (MiCA) Regulation in December 2024.
Experienced Leadership
Laurent Marochini, a former Head of Innovation at Societe Generale Securities Services, will lead this new initiative. His experience in financial sector and blockchain technology makes him a great fit to drive the new initiative in the region.
A Global Expansion
This expansion in the EU markets comes after a successful launch of the custody services in the United Arab Emirates in September 2024. The global head of financing, Margaret Harwood Jones expressed enthusiasm and optimism about the expansion and bank’s commitment towards supporting clients with innovative financial solutions while following the stringent regulations of the region.
The establishment of the initiative in the Luxembourg region enhances the company’s presence in the European Financial market but also indicates its growing acceptance of cryptocurrencies within the traditional banking sector.
With the evolving cryptocurrency landscape, Standard Chartered proactive approach reflects its dedication to meet the diverse needs of its clients in an evolving digital economy.
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