- Standard Chartered Bank establishes a crypto custody entity in the EU.
- The new company will be based in Luxembourg and operate under the MiCA framework.
- Standard Chartered Bank has launched cryptocurrency services in the United Arab Emirates.
Standard Chartered, the UK-based multinational bank, has announced the formation of a new Luxembourg-based company to provide crypto asset custody services across the European Union. This move aligns with the EU’s Markets in Crypto-Assets (MiCA) regulation, which aims to harmonize rules for digital asset providers across member states.
Standard Chartered’s expansion into crypto services
The announcement was made via a press release on January 9, which described the Luxembourg entity as a gateway for Standard Chartered’s entry into the European crypto custody market. This initiative follows the bank’s earlier rollouts of digital asset services, including those launched in the United Arab Emirates, and underscores the bank’s commitment to participating in the rapidly growing digital asset sector.
Leading the new Luxembourg operation is Laurent Marotchinni, a seasoned innovation executive formerly with Société Générale. Marotchinni said he was honored to take the helm of Standard Chartered Luxembourg and emphasized his dedication to delivering top-tier service to clients, teams, and stakeholders. “It is an honor to be appointed CEO of Standard Chartered Luxembourg, a major international bank. I am fully committed to delivering excellence,” he said in the press release.
Margaret Harewood-Jones, Global Head of Finance & Securities Services at Standard Chartered, highlighted the bank’s enthusiasm for expanding digital asset custody services into the EU region. “We are delighted to be able to offer our digital asset custody services to the EU region,” she said, stressing the bank’s role in helping institutional investors navigate the digital asset ecosystem.
Standard Chartered’s commitment to crypto extends beyond custody. The bank has been actively involved in the digital asset space through ventures such as Zodia Custody and Zodia Markets, and has expressed an optimistic outlook for Bitcoin’s future, forecasting a potential rise to $250,000 in some analyses. The bank was also recently chosen as OKX’s institutional crypto custodian, reflecting growing institutional demand for custody services.
Additionally, Standard Chartered has explored stablecoin opportunities, participating in a Hong Kong sandbox for stablecoin issuers and taking part in China’s digital yuan pilot program in 2023 alongside other major banks. The EU expansion underscores a strategic shift for Standard Chartered: to become a major player in digital finance while ensuring that operations meet regulatory and compliance standards such as those set by MiCA.