New Regulatory Gateway for Crypto Services
Standard Chartered has secured a license in Luxembourg to provide cryptocurrency custody services under the EU’s Markets in Crypto Assets (MiCA) regulation. The license establishes Luxembourg as the bank’s regulatory entry point for offering secure crypto custody to EU clients. This move reflects the bank’s commitment to leveraging regulatory clarity to expand its digital asset offerings.Leadership and Vision
Laurent Marochini, previously Head of Innovation at Société Générale, has been appointed CEO of Standard Chartered's Luxembourg operations. Marochini’s expertise in digital finance is expected to bolster the bank’s efforts in bridging traditional banking with the evolving digital asset landscape.Broader Expansion of Crypto Operations
This development follows Standard Chartered’s September 2024 launch of crypto custody services in the UAE. The Luxembourg entity will enable the bank to cater to growing institutional demand for regulated digital asset solutions in Europe. Margaret Harwood-Jones, the bank’s global head of financing and securities services, stated, “This license allows us to combine the security of traditional banking with the innovation of digital assets.”Strategic Positioning Amid Regulatory Shifts
As MiCA regulation reshapes the EU’s crypto landscape, Standard Chartered’s proactive steps position it as a key player in the region. Its regulatory compliance and secure infrastructure are expected to attract institutional investors, solidifying its leadership in digital finance.
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