Standard Chartered Introduces Crypto Services in European Nation
Standard Chartered bank has announced its expansion of crypto services to the European Union (EU). The London, UK-based bank initially introduced its crypto services in Luxembourg, making it the bank’s entry point into the EU market. This move comes following the implementation of the EU’s crypto guidelines, known as the Markets in Crypto-Assets Regulation (MiCA), on December 30, 2024. While there are possibilities of the bank launching these services in other EU countries, no specific expansion plans have been disclosed yet.
The bank is set to provide crypto and digital asset custody services to its customers in Luxembourg, as per a statement from the bank.
According to Worldometer, Luxembourg’s current population surpasses 676,000. Additionally, Statista estimates that the number of crypto holders in Luxembourg is projected to exceed 36,000 by 2025. The bank highlighted that Luxembourg’s well-balanced regulatory and financial ecosystem positioned it as a suitable entry point into the EU market.
“We are thrilled to extend our digital asset custody services to the EU region, enabling us to assist our clients with a product that is reshaping the traditional financial landscape while maintaining the security standards of being a properly regulated entity,” remarked Margaret Harwood-Jones, the global head of financing and securities services at Standard Chartered, commenting on the development.
Heading the bank’s Luxembourg entity as CEO is Laurent Marochini, previously the head of innovation at Société Générale in France.
Standard Chartered has engaged in various Web3-related projects in recent years, aligning with other traditional banks like JP Morgan, Morgan Stanley, and Goldman Sachs exploring digital assets. The bank also collaborated with the Monetary Authority of Singapore in 2022 to pilot a project focused on simplifying trade finance through digital tokens.
In September, the multinational bank introduced a digital asset custody service in the UAE, with Group Chief Executive Bill Winters expressing the bank’s belief in the transformative potential of digital assets like cryptocurrencies.
The MiCA regulations were finalized in 2022 by the EU, providing VASPs a two-year grace period to align their operations with the regulatory framework. These guidelines aim to ensure investor safety in crypto practices, covering licensing requirements and guidelines for establishing ethical business practices for Web3 firms operating in the EU.
With regulatory clarity in the EU, crypto firms are gradually expanding into the region. Earlier this month, the Hong Kong-based HashKey crypto exchange obtained a license in Ireland to enter the EU market. In 2022, US-based PayPal chose Luxembourg as its hub for launching crypto services in the EU.
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