Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE), licensed by the Dubai Financial Services Authority. The service aims to provide secure storage for digital assets, initially focusing on bitcoin and ethereum. Brevan Howard Digital is the first client, and the bank plans to expand to other digital assets. The launch highlights the growing demand from institutions for regulated and secure digital asset services.

Standard Chartered launches digital asset custody service in UAE

Global bank Standard Chartered announced on Tuesday the launch of its digital asset custody service in the United Arab Emirates (UAE). The service has been licensed by the Dubai Financial Services Authority (DFSA) in the Dubai International Financial Centre (DIFC), a leading global financial hub, following a memorandum of understanding (MoU) signed in May 2023.

Note that initially, the service supports bitcoin and ethereum, the announcement states:

The service, which allows customers to securely store their digital assets, has been launched in the UAE thanks to a balanced approach to digital asset adoption and financial regulation, and marks a major milestone in the bank’s digital asset strategy.

Brevan Howard Digital, part of Brevan Howard, is the first client for the service. Standard Chartered Group CEO Bill Winters has highlighted the significance of the launch, stating, “We firmly believe that digital assets are not just a passing trend but a fundamental shift in the structure of finance.”

“This announcement demonstrates the growing interest from institutions in digital assets and the urgent need for secure, regulated custody solutions,” said Margaret Harwood-Jones, Global Head of Financial Services and Securities. The service aims to address the regulatory, risk and security needs of institutions.

Gautam Sharma, CEO of Brevan Howard Digital, described the partnership as pivotal for the UAE and digital asset markets. He noted that Standard Chartered’s reputation drives institutional adoption. The bank plans to expand its services to other digital assets and to other financial centers. Harwood-Jones emphasized that their solution goes beyond mere custody by integrating prudential standards, saying it is “a game changer” for institutional clients navigating the digital asset space.

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