Standard Chartered recently obtained a license in Luxembourg and will continue to expand its cryptocurrency business in Europe by providing cryptocurrency custody services through its newly established subsidiary.
According to a statement issued on Thursday, Standard Chartered Bank has established a new entity in Luxembourg to serve as a "compliance springboard" to enter the EU market to provide cryptocurrency custody services under the (Market in Crypto Assets Regulations) (MiCA) framework.
The MiCA regulations have been fully effective since December 30 last year, establishing a clear framework for the management and trading of cryptocurrencies within the EU. Standard Chartered Bank’s rapid layout shows its importance to the European cryptocurrency market.
To accelerate the development of cryptocurrency business in Europe, Standard Chartered has appointed Laurent Marochini as the first CEO of its Luxembourg subsidiary. Marochini previously served as the head of innovation at Société Générale and has extensive experience in fintech and innovation.
Margaret Harwood-Jones, head of Global Financing and Securities Services at Standard Chartered, stated:
We are very pleased to expand our digital asset custody services to the European Union and to provide support and security for our clients through compliant entities and innovative products that are reshaping the traditional financial landscape.
"Obtaining a Luxembourg license! Standard Chartered announces: Entering Europe to 'offer cryptocurrency custody services'" This article was first published on (Blockcast).