Banking Giant Standard Chartered Secures Greenlight To Offer Crypto Custody Services in the European Union

Normal Chartered is opening a brand new entity in Luxembourg after receiving approval to supply digital asset custody providers within the European Union.

In an announcement, the world’s forty fifth largest financial institution stated say the entity will function a regulatory entry level for providing cryptocurrency and digital asset custody providers to clients within the EU following the area’s implementation of the Markets in Crypto Property (MiCA) laws.

Says Margaret Harwood-Jones, World Head of Finance and Securities Providers at Normal Chartered:

“We’re very excited to have the ability to supply our digital asset custody providers to the EU area, supporting our shoppers with a product that adjustments the panorama of the normal monetary world, whereas additionally offering the extent of safety that comes with goes with being a correctly regulated entity. We’re extremely proud to pave the way in which for our institutional shoppers to entry the digital asset ecosystem.”

Laurent Marochini, former head of innovation at European banking large Société Générale, was appointed CEO of the Luxembourg entity.

In September, Normal Chartered additionally launched its digital asset custody service in the US United Arab Emirates after acquiring a seal of approval from the Dubai Monetary Providers Authority (DFSA).

Brevan Howard Digital, the digital asset division of hedge fund administration agency Brevan Howard, is the primary buyer of the service, which is able to initially help Bitcoin (BTC) and Ethereum (ETH).

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