tl;dr
Standard Chartered has obtained a license to provide crypto custody services in Luxembourg under the Markets in Crypto-Assets (MiCA) framework, which offers a unified regulatory approach for crypto businesses across the European Union. The approval requires companies to obtain a Crypto Asset Service...
Standard Chartered Obtains Crypto Custody License in Luxembourg
Standard Chartered has obtained a license to provide crypto custody services in Luxembourg under the Markets in Crypto-Assets (MiCA) framework. This framework offers a unified regulatory approach for crypto businesses across the European Union.
The approval requires companies to obtain a Crypto Asset Service Provider (CASP) license from an EU member state, enabling them to operate across the bloc. Standard Chartered plans to leverage Luxembourg’s stable financial environment and clear regulatory landscape to strengthen its regional presence.
This initiative builds on the bank's earlier introduction of digital asset custody services in the UAE. Margaret Harwood-Jones, the bank’s Global Head of Financing and Securities Services, emphasized that this move enables the bank to deliver cutting-edge financial solutions while adhering to strict security and compliance standards.
Laurent Marochini, an executive with experience at Société Générale, will lead the firm's Luxembourg operations, continuing the traditional financial institution's increasing crypto efforts.
Notably, Standard Chartered's affiliates, such as Zodia Markets, have also been making waves in the emerging industry. Zodia Markets facilitated the UK’s first pension fund allocation into Bitcoin and secured a Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority to offer comprehensive digital asset solutions and integrate domestic banking systems for faster local settlements.