9 January 2025
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Standard Chartered Expands Digital Asset Custody Services in Luxembourg
Standard Chartered has launched a new entity in Luxembourg to provide crypto and digital asset custody services across the European Union. This initiative aligns with the bank's strategy to meet increasing demand for regulated crypto services, particularly following the introduction of the Markets in Crypto Assets (MiCA) Regulation.
Key Points
- The Luxembourg branch will focus on custodial services for institutional clients, emphasizing regulatory protection.
- Luxembourg is chosen for its favorable regulatory environment and financial security.
- This expansion follows similar services launched in the UAE in partnership with Crypto.com.
- Laurent Marochini, formerly of Société Générale, has been appointed CEO of Standard Chartered Luxembourg.
- The bank also aims to enhance its presence in Asia and Africa while focusing on sustainability and technology investments.
Industry Context
Standard Chartered's move reflects a broader trend of traditional banks entering the digital asset sector. Major institutions like JPMorgan Chase, Goldman Sachs, and Citi are now offering crypto trading and custody solutions, responding to institutional investor demand and evolving regulations.