Standard Chartered launched a DFSA-licensed digital asset custody service in the UAE, initially supporting Bitcoin and Ethereum.
Brevan Howard Digital is the first client to use Standard Chartered's custody service, which caters to institutional demand for secure crypto storage.
Standard Chartered plans to expand its digital asset custody service to more assets and explore opportunities in other global financial hubs.
Standard Chartered has officially introduced its digital asset custody service in the United Arab Emirates. The bank declared that the Dubai Financial Services Authority (DFSA) has granted a license for this new service at the Dubai International Financial Centre.
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The announcement comes after the signing of a memorandum of understanding in May 2023, signaling the bank's venture into the expanding digital asset industry.
Standard Chartered's Entry into the UAE's Digital Asset Market
The service recently introduced will first concentrate on offering secure storage options for Bitcoin and Ethereum. The bank stated that its choice to start functioning in the UAE stems from the nation's fair stance towards digital asset integration and its favorable financial regulatory atmosphere.
Brevan Howard Digital Becomes First Client
Brevan Howard Digital, the crypto arm of Brevan Howard investment firm, has become the inaugural user of Standard Chartered's digital asset storage service.
Margaret Harwood-Jones, Standard Chartered's Global Head of Financing & Securities Services, highlighted the service's focus on meeting the increasing institutional need for safe digital asset storage.
Harwood-Jones emphasized the strong cooperation with regulators that occurred during the creation of this service. She said they worked closely with regulators worldwide and were happy to have Brevan Howard Digital as their inaugural client. The service goes beyond digital wallet solutions, offering thorough regulatory, risk, and prudential assistance.
More Assets and Global Expansion in Sight
Standard Chartered also disclosed its intentions to grow the custody service in its announcement. This growth could involve backing additional online assets and investigating possibilities in various worldwide financial hubs.
The bank plans to use its existing infrastructure and knowledge to assist institutional clients in managing digital assets, while prioritizing top-level security. This represents a major advancement for Standard Chartered as it establishes itself as a major player in the growing digital asset industry.
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