Standard Chartered has advanced its cause for global custody offering with its latest push into the UAE.
Standard Chartered announced it expanded its crypto custody service to the United Arab Emirates (UAE) after gaining regulatory approval in the country. The Dubai Financial Services Authority (DFSA) granted the multinational bank license under the Dubai International Financial Centre (DIFC).
In a press release on Tuesday, Standard Chartered stated that its new financial services would provide institutional investors with a safe haven for their crypto assets. The bank signed a memorandum of understanding with the DIFC in May 2023.