According to a statement on January 9, Standard Chartered has received a license to provide crypto asset custody services in Luxembourg.
This approval falls under the Markets in Crypto-Assets (MiCA) framework, which provides a unified regulatory approach for crypto-asset businesses across the European Union.
MiCA requires companies to obtain a Crypto Asset Service Provider (CASP) license from an EU member state. This license allows activity across the block. This regulation took effect in December 2024.
Standard Chartered plans to take advantage of Luxembourg’s stable financial environment and clear regulatory environment to strengthen its presence in the region. Notably, this move builds on the previous introduction of digital asset custody services in the UAE.
Margaret Harwood-Jones, the bank’s global head of financial and securities services, said the initiative will enable the bank to offer cutting-edge financial solutions while adhering to strict security and compliance standards.
She said:
“We are excited to bring our digital asset custody services to the EU region. This allows us to support our clients with a product that changes the landscape of traditional finance, while also providing the level of security that comes with financial services. ”A well-regulated organization. ”
Executive Laurent Marrochini, who previously worked as head of innovation at Societe Generale, will lead the company’s Luxembourg operations.
Movement to promote cryptocurrency
This new initiative is a continuation of efforts by traditional financial institutions into cryptocurrencies over the past year.
In June 2024, reports surfaced that the banking giant was preparing to launch a Bitcoin and Ethereum spot trading desk.two largest digital assets by market capitalization.
Meanwhile, related companies such as Zodia Market are also making waves in the emerging industry. In particular, it facilitated the UK’s first pension fund allocation to Bitcoin through the Cartwright Pension Trust.
Zodia Markets has also secured a Financial Services Permit (FSP) from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi. This license will enable the company to offer comprehensive digital asset solutions while integrating with the country’s banking system to speed up local payments.
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