Standard Chartered has taken a significant step into the European cryptocurrency market by launching crypto custody services in Luxembourg. This move follows the bank's receipt of a digital asset license under the Markets in Crypto Assets (MiCA) regulatory framework. By establishing a dedicated entity in Luxembourg, Standard Chartered aims to offer its institutional clients secure custody solutions for Bitcoin (BTC) and Ether (ETH).

This initiative is part of the bank’s broader global digital asset strategy, which seeks to integrate innovative financial solutions within a regulated framework. Luxembourg, with its favorable regulatory and financial ecosystem, was strategically chosen to cater to the increasing demand for crypto-related services in the European Union.

Laurent Marochini, formerly Head of Innovation at Société Générale, has been appointed as the CEO of the Luxembourg branch. His extensive expertise in financial technology and innovation positions him well to lead this endeavor.

Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, expressed excitement about the launch, emphasizing the transformative potential of digital assets in reshaping traditional finance. She highlighted the bank’s commitment to providing secure and regulated access to the evolving digital asset ecosystem for its clients.

Initially, Standard Chartered's offering in Europe will focus on the secure storage and safeguarding of digital assets, known as crypto custody. Supported by the bank’s robust risk capital and balance sheet, the service is designed to meet the high security and compliance standards expected by institutional clients. Future plans include expanding the asset portfolio beyond Bitcoin and Ether, with additional offerings anticipated in 2025.

This European expansion follows the bank's successful introduction of digital asset services in the UAE, showcasing its commitment to leading innovation in global finance.