Standard Chartered Expands Digital Asset Custody Services in Luxembourg – BitRss

Standard Chartered has announced the establishment of a new entity in Luxembourg following its acquisition of permission to provide digital asset custody services in the European Union. This initiative aims to align with the regulatory changes in Europe’s digital asset markets, emphasizing the bank’s commitment to compliance and security.

Regulatory Compliance

As the 45th largest bank in the world, Standard Chartered is creating this new structure in Luxembourg to comply with the evolving regulations in the digital asset sector. The new entity will offer custody services for cryptocurrencies and digital assets under the MiCA regulations, ensuring adherence to European standards.

Leadership Team

Laurent Marochini, the former head of innovation at European banking giant Société Générale, has been appointed as the CEO of the new Luxembourg entity. With his extensive experience in the digital asset field, Marochini is set to guide the bank’s developments in this area.

Last September, Standard Chartered also launched digital asset custody services in the United Arab Emirates, having received approval from the Dubai Financial Services Authority (DFSA). The initial client for these services is hedge fund management firm Brevan Howard Digital, which will start with support for Bitcoin