Key Highlights:
- First Major Bank under MiCA: Standard Chartered secures a digital asset license in Luxembourg under the EU’s Markets in Crypto-Assets (MiCA) framework.
- Focus on Crypto Custody: Initial offerings include custody for Bitcoin and Ether, with plans for expansion in 2025.
- Strategic Expansion: Follows successful crypto custody launches in the UAE in 2024.
Standard Chartered Makes Crypto Debut in Europe
Banking heavyweight Standard Chartered has announced its official entry into Europe’s crypto space by launching a new Luxembourg-based entity to offer digital asset services. This move comes after acquiring a digital asset license under the EU’s regulatory MiCA framework, positioning the bank as a leader in compliant crypto solutions.
On January 9, the bank revealed its European Union crypto strategy, emphasizing custody services for Bitcoin and Ether, with plans to add more assets in 2025. However, trading services are not yet part of the roadmap.
Headquarters in Luxembourg
The Luxembourg entity will serve as the bank’s regulatory base for its EU crypto operations.
- Leadership: Laurent Marochini, formerly with Société Générale, will lead the new entity as CEO.
- Product Focus: Crypto custody services will ensure secure storage and protection of digital assets.
“We’re not offering trading through Luxembourg at the moment, but our custody services are backed by strong risk capital and the balance sheet of Standard Chartered,” said Waqar Chaudry, Head of Digital Assets at the bank.
A Broader Crypto Strategy
Standard Chartered’s European expansion aligns with its global digital asset strategy. This latest launch follows its September 2024 debut in the UAE, where it provided custody services for Bitcoin and Ether.
Margaret Harwood-Jones, Global Head of Financing at Standard Chartered, emphasized the bank’s commitment:
“We are incredibly proud to support our institutional clients in navigating the digital asset ecosystem securely while maintaining the highest regulatory standards.”
A Long-Standing Interest in Crypto
The bank has been preparing for its crypto debut for years.
- 2021: Joined an alliance with major industry players like Coinbase and Six Digital Exchange to accelerate crypto best practices.
- 2024: Initial reports hinted at crypto trading services under its London foreign exchange unit.
Key Insights: Standard Chartered’s Crypto Expansion
| Aspect | Details |
|---|---|
| Initial Offerings | Custody services for Bitcoin and Ether |
| Future Plans | More assets to be included in 2025 |
| Regulatory Framework | Licensed under the EU’s MiCA Regulation |
| Global Presence | Previously launched crypto services in the UAE (2024) |
| Leadership | Laurent Marochini, ex-Société Générale, as Luxembourg entity CEO |
A New Era for Traditional Finance
Standard Chartered’s foray into Europe’s crypto ecosystem demonstrates the growing interest of traditional banking giants in digital assets. With a focus on security, regulation, and client support, the bank is paving the way for institutional adoption of cryptocurrencies in the EU and beyond.
Keep an eye on 2025 as Standard Chartered continues to expand its footprint in the ever-evolving world of digital finance.
