Standard Chartered Secures Digital Asset Licence in Luxembourg

Standard Chartered has made its entry into the European cryptocurrency market by obtaining a digital asset licence in Luxembourg, positioning itself to offer secure custody services for Bitcoin and Ether across the European Union.

The initiative follows the implementation of the Markets in Crypto-Assets (MiCA) Regulation, providing a structured framework for cryptocurrency operations in the EU. Laurent Marochini, formerly of Société Générale, has been appointed CEO of the new Luxembourg entity.

The British multinational bank plans to expand its custody services to additional digital assets by late 2025. Waqar Chaudry, Standard Chartered's head of digital assets, clarified that the service will focus solely on custody, not trading. "We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem," commented Margaret Harwood-Jones, global head of financing.

This move aligns with Standard Chartered's broader digital asset strategy, which includes the introduction of crypto custody services in the UAE in September 2024. It also reflects the bank's ongoing collaboration with regulators to support institutional demand for digital assets.