Standard Chartered Launches BTC and ETH Custody Service in UAE

Global banking giant Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE). 

According to the official announcement, Standard Chartered noted that its UAE-based crypto custody division received a license from the Dubai Financial Services Authority (DFSA) following a memorandum of understanding (MoU) signed in May 2023.  

Standard Chartered Secures First Crypto Client

The service will operate within Dubai International Financial Centre (DIFC) and will begin by offering support for bitcoin (BTC) and ether (ETH), the leading cryptocurrencies in terms of market value and adoption. The announcement also revealed that Standard Chartered has secured Brevan Howard Digital, a global alternative asset management firm, as its first crypto client for the offering.

Commenting on the latest development, Bill Winters, Group CEO of Standard Chartered Bank, said: 

With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field, allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.

Winters also noted that the launch of the digital asset custody offering marks a critical stage for the banking giant and the financial services industry.

• According to Winters, the new service places the bank at the forefront of the evolving custody business. The Group CEO also emphasized the bank’s strong belief in the future of digital assets. 

“We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance,” he said.  

Standard Chartered Plans to Expand its Presence

The company stated that the offering extends beyond basic wallet management. The firm further noted that it is a complete solution that tackles the specific challenges of digital asset custody, focusing on regulatory, risk, and prudential aspects.

The bank intends to expand its custody services in the coming months by incorporating additional digital assets and extending its presence to other major financial hubs.  

Meanwhile, Standard Chartered is one of the banks actively venturing into the crypto sector. On July 18, the bank collaborated with Web3 company Animoca Brands to engage in the stablecoin issuer sandbox managed by the Hong Kong Monetary Authority (HKMA).