Standard Chartered Receives License for Digital Asset Custody in Luxembourg
Standard Chartered has secured a license in Luxembourg to provide digital asset custody services across the EU, aligning with the new Markets in Crypto-Assets (MiCA) regulations. Key points include:
- The license establishes a regulated entry point into the EU via a dedicated entity in Luxembourg.
- This enables Standard Chartered to offer secure crypto custody services for institutional clients in the region.
- Laurent Marochini will lead the Luxembourg entity.
- In September, similar services were launched in the UAE, enhancing the bank's global strategy in digital assets.
- In October, Standard Chartered partnered with OKX for institutional client security standards and is exploring spot trading for Bitcoin and Ethereum.
- The bank has invested in subsidiaries Zodia Custody and Zodia Markets focusing on custody and OTC trading.
- In November 2024, it launched a blockchain unit named Libeara.
The MiCA framework is encouraging more companies to comply with unified EU regulations. Notable developments include:
- MoonPay received a MiCA license in the Netherlands.
- BitStaete and Socios.com have also secured MIca approval, allowing them to operate as regulated virtual financial asset providers.
- Bitget plans to establish a hub in Lithuania to comply with MiCA regulations.
Hunter Horsley, CEO of Bitwise, noted that several traditional banks are expected to launch crypto services by 2025, highlighting the integration between traditional finance and the crypto sector.