Standard Chartered to launch Bitcoin and Ether custody services in the UAE in partnership with Brevan Howard Digital.
Standard Chartered Bank announced on September 10 that it will offer cryptocurrency custody services in the United Arab Emirates (UAE), marking a new step in the application of blockchain technology in the traditional financial sector. The service will initially be deployed with two leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH), through a partnership with Brevan Howard Digital, the crypto division of hedge fund Brevan Howard.
The plan was first announced by Standard Chartered in May 2023, when the bank signed a memorandum of understanding with the Dubai International Financial Centre (DIFC). The custody service has been licensed by the Dubai Financial Services Authority (DFSA), ensuring compliance with current regulations.
Standard Chartered aims to expand its services to other cryptocurrencies and deploy them in more international financial centers in the future. Bill Winters, CEO of Standard Chartered Group, affirmed his belief in the potential of digital assets and said that this is a fundamental change in the structure of the financial industry.
UAE – An Attractive Destination for the Cryptocurrency Industry
Standard Chartered’s choice of the UAE as the location for its crypto custody service reflects the country’s growing importance in the digital asset space. According to the Henley Crypto Adoption Index 2024, the UAE ranked third globally in terms of digital asset adoption, behind only Singapore and Hong Kong, with a score of 41.8. The UAE scores highly across a range of criteria, including economic, innovation and technological factors, creating a favorable environment for the development of the blockchain industry.
Standard Chartered’s active involvement in the crypto space has been reflected in a series of recent activities. In July 2023, the bank partnered with Animoca Brands to participate in the Hong Kong Monetary Authority (HKMA)-led stablecoin sandbox. Then, in August 2023, Standard Chartered partnered with Crypto.com exchange to provide fiat services to over 90 countries, starting with the UAE.
