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Dubai, UAE – Standard Chartered Bank has announced the launch of its cryptocurrency custody services in the United Arab Emirates (UAE), with Brevan Howard Digital as its inaugural client. The service enables institutional clients to securely store digital assets, including BTC and ETH, under regulatory-compliant frameworks.
Key Developments:
- Regulatory Approval: The custody solution received licensing from Dubai’s Financial Services Authority (DFSA), following a May 2023 memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC).
- Future Expansion: The bank plans to broaden its supported cryptocurrencies and explore extending services to other global financial hubs.
Standard Chartered’s Strategic Crypto Initiatives
1. Hong Kong Stablecoin Sandbox Collaboration
In July 2024, Standard Chartered partnered with Animoca Brands and HKT Limited to join Hong Kong’s stablecoin issuer sandbox, aiming to bolster the region’s position as a digital asset hub.
👉 Explore how stablecoins are reshaping global payments
2. Global Fiat Services with Crypto.com
A late-2023 collaboration with Crypto.com now provides fiat currency access (USD, EUR) across 90+ countries, enhancing liquidity and trust in crypto transactions.
Core Keywords:
- Cryptocurrency custody
- Standard Chartered Bank
- UAE crypto regulations
- Institutional crypto adoption
- BTC and ETH storage
- Stablecoin innovation
- Digital asset security
FAQ Section
Q1: What cryptocurrencies does Standard Chartered’s custody service support?
A: Initially BTC and ETH, with plans to add more assets.
Q2: How does the DFSA license impact clients?
A: Ensures compliance and security for institutional investors in Dubai.
Q3: Will Standard Chartered offer retail crypto services?
A: Currently focused on institutional clients; retail offerings may follow.
👉 Learn about institutional crypto adoption trends
Why This Matters:
Standard Chartered’s moves reflect accelerating institutional adoption of digital assets, with UAE and Hong Kong emerging as key regulatory-friendly hubs. The bank’s custody services mitigate security risks while expanding market accessibility.