Standard Chartered Sets Up Luxembourg Hub for EU Crypto Custody Services

Standard Chartered launches a Luxembourg hub for EU crypto custody services, expanding its global digital asset strategy to meet growing demand.

In a significant development, Standard Chartered has announced the launch of a new entity in Luxembourg. The move hopes to extend its crypto and digital asset custody services to European Union (EU) clients after the Markets in Crypto Assets (MiCA) Regulation was approved. Moreover, this entity will be the bank’s regulatory entry point in the EU.

According to the press release, the opening of the Luxembourg business is part of Standard Chartered’s global digital asset strategy. This move will broaden the bank’s digital asset offerings. The service comes days after similar launches in the UAE. The choice of Luxembourg was motivated by its strong regulatory and financial environment. In addition, it has a similarity with the growing demand for such services in the EU.

The Luxembourg entity has appointed Laurent Marochini as its CEO. From Société Générale, he was Head of Innovation. He has vast experience in running a bank focused on digital assets and multiple traditional banks. In this way, he will bring a wealth of experience to the bank.

Standard Chartered Strengthens EU Position with Luxembourg Digital Asset Hub

Regarding the offer of crypto custody services in the EU, Margaret Harwood Jones, Global Head of Financing & Securities Service at Standard Chartered, sounded thrilled. First, she emphasized the need to serve clients with safe and regulated products. These are driving the traditional financial world into the future, she added. Standard Chartered helped institutional clients connect to the growing digital asset ecosystem, Margaret Harwood-Jones said.

On the other hand, Laurent Marochini, CEO of Standard Chartered Luxembourg, said he was honored to be part of the bank. The new entity has grown, and the chairman is committed to delivering excellence for clients, team members, and stakeholders.

In addition, Standard Chartered rolled out a similar service in Dubai last September. The Dubai International Financial Centre (DIFC) granted the bank the quality from the Dubai Financial Services Authority (DFSA) to offer digital asset custody services. Moreover, Standard Chartered is committed to expanding its digital asset business in key global markets.

Lastly, Standard Chartered launched its Luxembourg entity as the bank’s further efforts to bridge the gap in the digital asset space. It solidified its position in Europe and grew better to meet the growing demand for secure digital asset solutions.