According to Wu, Standard Chartered Bank has announced the establishment of a new entity in Luxembourg as a regulatory gateway to enter the EU market, providing cryptocurrency and digital asset custody services in response to the growing customer demand following the implementation of the Markets in Crypto-Assets Regulation (MiCA). This move is part of its global digital asset strategy, having previously launched digital asset custody services in the UAE. The new entity in Luxembourg will be led by Laurent Marochini, who previously served as the head of the innovation department at Société Générale.