Standard Chartered has officially launched its digital asset custody service in the United Arab Emirates, according to a advertisement The service has been authorised by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding signed in May 2023.
BREAKING: $800 billion Standard Chartered bank to be launched #Bitcoin and cryptocurrency custody service in the United Arab Emirates 🇦🇪 image.twitter.com/dlNqdVpi0J
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
“The launch of our digital asset custody offering represents a pivotal moment not only for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly believe that digital assets are not simply a passing trend, but a fundamental shift in the financial fabric. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our strong infrastructure, coupled with our domain expertise, enables us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its balanced approach to digital asset adoption and financial regulation.”
Brevan Howard Digital, the cryptocurrency division of Brevan Howard, an investment management platform specialising in global macro and digital assets, has been named as the first client. According to Margaret Harwood-Jones, Global Head of Securities and Financial Services, this launch responds to the growing institutional interest in digital assets.
“Following a period of intensive work and close collaboration with regulators both regionally and globally, we are delighted to welcome Brevan Howard Digital as the first client of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential perspective. It is a game-changer for institutional clients as we can help them with our traditional expertise to navigate the complexities of the digital asset space, without compromising the highest standards of security.”
Standard Chartered further stated that it plans to expand its custody services to include more digital assets and is exploring further opportunities to launch its custody services in other global financial centres.
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