Standard Chartered to offer crypto custody services in EU with new Luxembourg license
Quick Take
- The multinational banking giant has set up a new entity in Luxembourg to serve as a regulatory gateway for the EU, aimed at providing services to EU crypto clients following the implementation of MiCA.
Standard Chartered has received a license in Luxembourg to offer crypto custody services through a new entity, as the banking giant continues to expand its crypto-related business presence in Europe.
In a statement released Thursday, the bank said that it has opened a new entity in Luxembourg to “act as its EU regulatory entry point” to offer crypto custody services to EU clients in line with the Markets in Crypto Assets (MiCA) regulation. MiCA came into full effect on Dec. 30.
Standard Chartered has named Laurent Marochini as the new CEO of its Luxembourg operations. Marochini previously held the position of Head of Innovation at Société Générale.
“We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity,” said Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered.
The Luxembourg license follows the bank’s September launch of crypto custody services in the UAE.
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