Standard Chartered, a significant global banking entity, has introduced cryptocurrency services in Europe. The bank recently secured a digital asset license in Luxembourg and plans to leverage this to provide these services within the European Union. Standard Chartered’s new Luxembourg entity is expected to act as the regulatory gateway for these European crypto offerings and digital asset custodial services. This development follows the recent rollout of the European Union’s Markets in Crypto-Assets (MiCA) Regulation.
The head of Standard Chartered’s latest venture in Luxembourg will be headed by Laurent Marochini, the ex-chief of innovation at financial superpower Société Générale. However, upon introduction, the bank’s crypto services in Europe will be restricted to Bitcoin and Ether, with plans to extend to other assets in late 2025, as revealed by the bank’s head of digital assets, Waqar Chaudry.
Chaudry further clarified that meddling in the trading arena is not presently on the cards. Instead, Standard Chartered will primarily offer digital asset custody services, focusing on secure storage and preservation of digital currency on behalf of its clients. Chaudry noted the bank’s strong positioning in the crypto services sector is due to its use of “significant risk capital and balance sheet.”
Standard Chartered’s ongoing efforts of advancing its global crypto custody services brought them to the United Arab Emirates in late 2024. The bank’s agenda appears to be promoting access to Bitcoin and Ether, the world’s two most substantial cryptocurrencies by market capitalization.
In addition to ensuring high-security standards, the services will meet the regulatory requirements in Europe, stated Margaret Harwood-Jones, Standard Chartered’s global head of financing. Proud of the institution’s trailblazing path in the digital asset ecosystem, she expressed enthusiasm about the potential transformation of traditional finance through such advancements.
Notably, Standard Chartered has been interested in cryptocurrency services for a considerable timespan, with the first reports of planned crypto trading services, hinted since June 2024. In fact, in 2021, Standard Chartered signaled a move into the European crypto exchange industry, and concurrently joined a consortium of fintech companies and banks in advocating for crypto-best practices.