Standard Chartered, one of the world’s largest banks, is debuting cryptocurrency services in Europe after obtaining a digital asset license in Luxembourg.
The bank announced on Jan. 9 that it is establishing a new entity in Luxembourg to act as its European Union regulatory entry point for offering crypto and digital asset custody services.
The move comes after the implementation of the Markets in Crypto-Assets (MiCA) Regulation, a major crypto regulatory framework in the EU.
Laurent Marochini, former head of innovation at the French financial conglomerate Société Générale, will take the lead at Standard Chartered’s Luxembourg entity as the CEO.
Previously launched crypto products in the UAE
The launch in Luxembourg is part of Standard Chartered’s broader digital asset strategy aimed at expanding its crypto custody offerings globally.
The new launch comes a few months after the bank debuted crypto custody services in the United Arab Emirates in September 2024. As part of the offering, Standard Chartered is providing exposure to Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market capitalization.
“We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance,” Standard Chartered’s global head of financing, Margaret Harwood-Jones, said.
She emphasized that the new services will adhere to high security standards as a regulated entity in Europe.
“We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”
Standard Chartered has been planning crypto services for years
Standard Chartered was first reported to be developing crypto trading services in June 2024, when some reports suggested that the bank would operate the offering under its foreign exchange trading unit from London.
However, the company has been exploring opportunities to offer crypto trading services long before, reportedly planning to launch a crypto exchange in Europe back in 2021.
Related: MiCA can attract more crypto investment despite overregulation concerns
In September 2021, Standard Chartered also joined an alliance of fintech companies and banks aimed at accelerating the adoption of best practices in crypto.
In the alliance, the bank joined major industry companies, including Coinbase, Huobi, Six Digital Exchange, 100x Group and other industry leaders.
Cointelegraph reached out to Standard Chartered for comment on its European crypto expansion but had not received a response at the time of publication.
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