Standard Chartered Obtains License in Luxembourg to Expand Crypto Services

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As an analyst, I am sharing the news that I, myself, have just learned: Today, I’m excited to announce that Standard Chartered, a leading British banking institution, has secured a license in Luxembourg, empowering them to provide digital asset custody services.

The announcement arrives following the bank obtaining a license for digital assets under the freshly implemented Markets in Crypto-Assets (MiCA) regulatory framework, ensuring harmonized crypto laws throughout the European Union.

A Point Of Entry for the European Union

As an analyst, I’ve just learned that Standard Chartered has unveiled the creation of a fresh entity based in Luxembourg. This newly established organization will function as their regulatory gateway within the European Union. This strategic move enables them to extend crypto custody services to clients throughout the region.

Margaret Harwood-Jones, head of financing at Standard Chartered, expressed great enthusiasm about extending their digital asset custody services to the EU region. This move will empower our clients with a cutting-edge product that is reshaping traditional finance, all while ensuring the safety and security that comes from being a properly regulated organization,” said Margaret Harwood-Jones.

Laurent Marochini, who used to be the head of innovation at Société Générale, has been appointed to oversee Standard Chartered’s recently created entity based in Luxembourg. This move to establish a new entity in Luxembourg is part of Standard Chartered’s broader strategic plan to grow its digital asset custody services on a global scale.

In the recent past, I’ve been part of a team that spearheaded the successful deployment of innovative services in the realm of cryptocurrency, notably in September, within the United Arab Emirates. This move is indicative of Standard Chartered’s growing interest and commitment towards crypto services and advancements over the past year.

Last October, Standard Chartered Bank teamed up with cryptocurrency exchange OKX to implement a novel security measure. Through this collaboration, OKX asserted that Standard Chartered would assume the role of the new third-party custodian for institutional clients’ cryptocurrencies held by OKX.

It was reported in June that Standard Chartered might be establishing a trading platform for Bitcoin and Ethereum, potentially positioning itself as one of the pioneering global banks venturing into direct cryptocurrency trading.

Today, one of the world’s leading banking institutions, Standard Chartered, revealed plans to debut digital asset custody services in Europe. Traditional banks are starting to embrace the digital assets sector, and it seems that by 2025, several established banks will offer cryptocurrency services, as predicted by Bitwise CEO, Hunter Horsley.

Additionally, the bank substantially backed its subsidiaries, Zodia Custody and Zodia Markets. These entities specialize in offering a range of services, such as safekeeping assets (custody) and over-the-counter trading, to large, institutional customers.

Also, in November 2024, Standard Chartered launched Libeara, its blockchain unit.

More Companies are Seeking MiCA Compliance

10 days ago, the much anticipated MiCA regulatory framework by the European Union officially began. It appears that an increasing number of businesses are aiming for compliance with this rule in order to expand their crypto trading within the European Union’s market.

MoonPay became one of the initial international businesses to secure this license in the Netherlands back in January. Not long after, three additional cryptocurrency companies, including the Dutch investment firm BitStaete, obtained similar licenses as well.

Additionally, Socios.com revealed that they had received approval from the Malta Financial Services Authority (MFSA) for a MiCA license. This recognition permits their fan engagement platform to function as a licensed provider of digital financial assets.

Bitget, in a recent announcement, is establishing a regional center in Lithuania to meet Markets in Crypto Assets (MiCA) regulations and bolster its influence within the European market.

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2025-01-10 00:02