Coinspeaker Standard Chartered Launches in Luxembourg to Fuel Crypto Services
Standard Chartered, a major international bank, has boldly moved into the digital asset world. Announced earlier today, the financial powerhouse unveiled a new Luxembourg entity. This Luxembourg-based branch is built to offer crypto and digital asset custody services across the European Union (EU).
This step is part of the bank’s ambitious strategy to tap into the growing demand for regulated crypto services. This move comes especially with the introduction of the Markets in Crypto Assets (MiCA) Regulation.
Standard Chartered’s Expansion into the EU Market
Standard Chartered’s move into Luxembourg is more than just business growth. It shows the rising need for regulated digital asset services in the EU. The new offshoot will offer custodial services to institutional clients, helping them safely manage digital assets with strong regulatory protection.
The bank believes Luxembourg is the perfect hub for clients across the EU looking for secure, trustworthy crypto solutions. This is because of the region’s balanced regulatory environment and financial security.
This move comes off as the latest in a series of digital asset-related expansions by Standard Chartered. Specifically, it follows the launch of similar services in the UAE in collaboration with Crypto.com.
To lead this new chapter, the financial institution has selected Laurent Marochini to lead the firm as the CEO of Standard Chartered Luxembourg. Previously the Head of Innovation at Société Générale, Marochini’s deep experience in digital finance makes him the ideal choice to steer the ship.
His leadership will be crucial in navigating the complexities of the fast-changing crypto industry. This is to ensure that the Luxembourg branch delivers top-quality service to institutional clients.
In addition to expanding into Europe, Standard Chartered has strengthened its presence in Asia and Africa. The bank has made significant strides in focusing on sustainability in the financial market.
It has also invested in technology to improve digital banking services for clients. The bank has formed strategic partnerships with firms like OKX to strengthen institutional digital asset custody and address security needs.
Traditional Banks Jump on the Crypto Bandwagon: A Broader Trend
Standard Chartered’s entry into the digital asset space reflects a broader trend of traditional financial institutions embracing crypto. Financial giants like JPMorgan Chase & Co (NYSE: JPM), Goldman Sachs Group Inc (NYSE: GS), and Citi have made direct moves into the digital asset industry.
They now offer crypto trading services and custody solutions, shifting from their previously cautious stance. Similarly, institutions like Fidelity Investments and BNY Mellon are also making their mark in the crypto custody market.
This shift is in response to the rising demand from institutional investors and changing regulations. The growing involvement of established banks signals a shift in how the financial sector views digital assets.
As they diversify their portfolios, these banks are preparing for the future of digital finance.
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Standard Chartered Launches in Luxembourg to Fuel Crypto Services
