Financial services provider Standard Chartered is launching a digital asset custody service in the United Arab Emirates after receiving license approval from local regulators.
According to a new press release, Standard Chartered has done just that chosen the UAE for its product launch due to the region’s well-known approach to the regulation and adoption of digital assets.
Says Bill Winters, Group Chief Executive of Standard Chartered Bank:
“The launch of our digital asset custody offering represents a pivotal moment not only for Standard Chartered, but also for the financial services industry. We believe that digital assets are not just a passing trend, but a fundamental shift in the financial fabric.
With this new service, we strategically position ourselves at the forefront of this next evolution in the custody sector. Our robust infrastructure, coupled with our expertise in this area, allows us to bridge the gap between the world of financial services and the emerging digital asset ecosystem.”
Initially, the service is intended for Bitcoin (BTC) and Ethereum (ETH), the leading cryptos by market capitalization. According to the announcement, Brevan Howard Digital will be the first customer to use the new service.
Says Gautam Sharma, CEO of Brevan Howard Digital:
“This is an important victory for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and proven commitment in this area add a layer of credibility that is meaningful for institutional adoption.
The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts to improve and strengthen standards in the digital asset ecosystem.”
Standard Chartered plans to expand its digital asset services in the coming months and is considering expanding its custody offering to other major financial centers around the world.
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