Standard Chartered has officially launched its cryptocurrency services in Luxembourg after obtaining a digital asset license, marking its entry into the European crypto market. The banking giant announced on January 9th that Luxembourg will serve as its European hub for crypto and digital asset services.
The move aligns with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. Laurent Marochini, previously heading innovation at Société Générale, will lead the Luxembourg operation as CEO.
Initially, the bank's crypto offerings will focus on Bitcoin and Ether custody services, allowing customers to securely store and protect their digital assets. However, trading functionality will not be available at launch.
"We are not offering trading through Luxembourg. There is no clear timeline as that is not planned for the moment," stated Waqar Chaudry, the bank's head of digital assets. The bank plans to expand its supported cryptocurrencies over time.
This European expansion follows Standard Chartered's September 2023 launch of crypto services in the UAE, where it also focused on Bitcoin and Ether exposure. The bank's global head of financing, Margaret-Harwood Jones, emphasized that establishing crypto services in the EU reflects their broader mission to transform traditional finance.
Standard Chartered's involvement in cryptocurrency dates back to 2021 when it first planned a European crypto exchange. The bank has also joined forces with FinTech companies to develop crypto industry best practices.
This latest development positions Standard Chartered among major traditional financial institutions embracing digital assets, reflecting growing institutional acceptance of cryptocurrency services in regulated markets.