Standard Chartered Bank has officially entered the European digital asset market after securing a digital asset custody license in Luxembourg. The British multinational banking group will establish a new entity in Luxembourg, serving as its regulated gateway to offer cryptocurrency and digital asset custody services across the European Union.
This strategic expansion follows the implementation of the Markets in Crypto-Assets (MiCA) regulation—a comprehensive regulatory framework designed to standardize and secure crypto operations within the EU. Laurent Marochini, a former executive of Société Générale, has been appointed as the CEO of the Luxembourg-based operation.
Strategic Expansion and Service Offerings
At launch, Standard Chartered will provide custody services for Bitcoin and Ethereum. The bank plans to expand its offerings to include other digital assets by late 2025. According to Waqar Chaudry, Head of Digital Assets at Standard Chartered, the initial services will focus solely on custody and will not include cryptocurrency trading.
The bank emphasizes security and reliability, with all custody operations backed by its risk capital and balance sheet. This approach aims to provide institutional clients with a secure and regulated environment for storing digital assets.
The Luxembourg initiative is part of a broader global strategy. In March 2024, Standard Chartered launched a similar crypto custody service in the United Arab Emirates, also targeting institutional investors with Bitcoin and Ethereum custody solutions.
Alignment with EU Regulatory Standards
The MiCA regulation represents a significant milestone in the consolidation of cryptocurrency laws within the European Union. By choosing Luxembourg—a hub for financial services and investment funds—as its European base, Standard Chartered positions itself to comply with and benefit from these evolving regulatory standards.
Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, stated:
“We are incredibly proud to pave the way for our institutional clients to enter the digital asset ecosystem securely and confidently.”
Long-Term Vision and Previous Initiatives
Standard Chartered’s move into digital asset custody follows years of strategic planning. As early as 2021, the bank explored the possibility of launching a cryptocurrency exchange in Europe. Reports also indicated plans to integrate crypto trading operations into its foreign exchange trading unit, based in London.
The bank has actively collaborated with regulators to align its services with institutional demand for digital assets. In a official statement, the bank noted:
“We have been working closely with regulators to support institutional client demand for Bitcoin and Ethereum transactions. This initiative is part of our broader strategy to support clients across the digital asset ecosystem—from access and custody to tokenization and interoperability.”
Additionally, Standard Chartered joined a coalition of fintech firms and banks in 2021 to promote best practices in cryptocurrency. The group included industry leaders such as Coinbase and SIX Digital Exchange.
Frequently Asked Questions
What services will Standard Chartered offer in Europe?
Initially, the bank will provide custody services for Bitcoin and Ethereum. These services are focused on secure storage and do not include trading. Expansion to other digital assets is planned for late 2025.
Why did Standard Chartered choose Luxembourg?
Luxembourg is a well-established financial center in the EU and offers a clear regulatory environment. Its alignment with MiCA regulations makes it an ideal base for serving clients across the European Union.
Will individuals be able to use these custody services?
No. The offering is designed exclusively for institutional clients such as investment firms, asset managers, and corporations.
How does MiCA regulation affect this launch?
The Markets in Crypto-Assets (MiCA) framework provides legal clarity and security for crypto service providers and their clients. Standard Chartered’s compliance with these rules ensures a regulated and trustworthy service.
Is Standard Chartered planning to offer crypto trading in the future?
While the bank has explored crypto trading in the past, the current focus is solely on custody. Any future expansion would depend on regulatory developments and market demand.
Where can I learn more about institutional crypto custody?
👉 Explore institutional custody solutions
Standard Chartered’s entry into the European digital asset market signals growing institutional acceptance of cryptocurrencies. With a clear regulatory foundation and a focus on security, the bank aims to become a leading player in the digital custody space. This expansion not strengthens its global footprint but also supports the broader adoption of digital assets among institutional investors.