Financial banking giant Standard Chartered announced the commencement of crypto services in Luxembourg after securing a digital asset license.
On January 9th, the bank announced that it was establishing a system in Luxembourg. It would serve as its point of contact in Europe, offering its customers crypto and digital asset services. This move comes after the implementation of the Markets in Crypto-Assets (MiCA) framework, a major regulatory body in the European Union. Laurent Marochini, former head of innovation at the renowned French financial corporation Société Générale, will be at the forefront of Standard Chartered’s entity in Luxembourg as its CEO.
Details of the Entity
According to the bank’s head of digital assets, Waqar Chaudry, crypto offerings will be limited to Bitcoin and Ether. This follows the launch, with more assets flooding the platform over time. The bank’s crypto products would also feature crypto custody services for storing and protecting customers’ digital assets and holdings. However, the offerings will be limited to custody and no trading for the moment.
“We are not offering trading through Luxembourg. There is no clear timeline as that is not planned for the moment,” Chaudry said in a statement.
According to Chaudry, custody comes from within Standard Chartered Bank, which has significant risk capital and a balanced sheet.
Broader Digital Asset Strategy of Standard Chartered
Standard Chartered’s debut in Luxembourg represents a broader strategy to expand its crypto offerings on a global scale. The launch comes after the bank announced the debut of its crypto services in the UAE in September 2024. The offering allowed Standard Chartered grant exposure to the largest cryptocurrencies Bitcoin and Ether in the UAE.
Standard Chartered’s global head of financing, Margaret-Harwood Jones pointed out that the bank’s establishment of crypto services in the EU is part of a bigger mission to change the landscape of traditional finance. Interestingly, Standard Chartered’s crypto ambitions began as far back as 2021. This was when the financial giant planned to launch a crypto exchange in Europe. Also, the bank joined an alliance of fintech companies to accelerate the establishment of crypto best practices in the financial space.
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