Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

Standard Chartered has officially launched its digital asset custody service in the UAE, according to an announcement by the bank. The service was licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Center (DIFC) following a memorandum of understanding signed in May 2023.

“The launch of our digital asset custody offering is a pivotal moment not just for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We strongly believe that digital assets are not just a passing trend, but a fundamental change in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this future evolution in custody. Our robust infrastructure, together with our domain expertise, enables us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”

The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its well-balanced approach to digital asset adoption and financial regulation”.

Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as its first client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch addresses the growing institutional interest in digital assets.

“After a period of intensive work and close collaboration with regulatory authorities both regionally and globally, we are delighted to welcome Brevan Howard Digital as the first customer of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it’s a comprehensive solution that addresses the unique regulatory, risk and prudential challenges of digital asset custody. It’s a game changer for institutional clients because we can support them with our help. traditional expertise to navigate the complexities of the digital asset space without compromising the highest security standards.”

Standard Chartered also said it plans to expand its custody services to include more digital assets and is exploring more opportunities to launch its custody services in other global financial centers.