Standard Chartered Unveils Cutting-Edge Digital Asset Custody Service in the UAE
In a significant move for the financial and digital asset sectors, Standard Chartered has announced the launch of its digital asset custody service in the UAE. This groundbreaking service has been granted a license by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), a leading global financial hub.
A New Era for Digital Assets
The launch of this service marks a pivotal moment for both Standard Chartered and the broader financial industry. By offering secure custody solutions for digital assets, the bank is bridging the gap between traditional financial services and the emerging digital asset ecosystem. Initially, the service will support the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum.
Bill Winters, Group Chief Executive of Standard Chartered, emphasized the importance of this development: “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance”.
Institutional Adoption and Security
The service has already attracted its first client, Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard. This partnership highlights the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, noted, “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk, and prudential point of view”.
A Strategic Move for the UAE
The UAE has been making significant strides in attracting global crypto firms and developing a robust regulatory framework for digital assets. The launch of Standard Chartered’s custody service is a testament to the country’s well-balanced approach to digital asset adoption and financial regulation.
Gautam Sharma, Chief Executive Officer of Brevan Howard Digital, remarked, “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption”.
Conclusion
Standard Chartered’s new digital asset custody service is set to play a crucial role in the evolving landscape of digital finance. By providing secure and regulated custody solutions, the bank is not only supporting the growth of the digital asset market but also reinforcing the UAE’s position as a leading hub for financial innovation.
