According to PANews, Standard Chartered Bank has announced the establishment of a new entity in Luxembourg to serve as a regulatory gateway for entering the EU market. This entity will offer cryptocurrency and digital asset custody services to EU clients. Luxembourg was chosen for its balanced regulatory and financial environment, which meets the growing demand in the EU market. Previously, Standard Chartered launched digital asset custody services in the UAE.
Laurent Marochini has been appointed as the CEO of the Luxembourg entity. He previously served as the Head of Innovation at Société Générale. Standard Chartered stated that this move will assist its institutional clients in accessing the digital asset ecosystem and provide robust support for the transformation of traditional finance.