Standard Chartered Bank has officially launched its digital asset custody service in the UAE, according to a press release issued by the bank. advertisement From the bank. The service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a Memorandum of Understanding signed in May 2023.
“The launch of our digital asset custody offering represents a pivotal moment not only for Standard Chartered, but for the financial services industry,” said Bill Winters, Group CEO of Standard Chartered. “We firmly believe that digital assets are not just a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in custody. Our robust infrastructure, coupled with our domain expertise, allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
The service aims to provide secure storage for digital assets, initially focusing on supporting Bitcoin and Ethereum. The bank said it decided to launch custody services in the UAE “because of its balanced approach to digital asset adoption and financial regulation.”
Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global digital and macro assets, has been named its first client. According to Margaret Harwood-Jones, global head of finance and financial services, the launch addresses the growing institutional interest in digital assets.
“After a period of extensive work and close collaboration with regulators both regionally and globally, we are delighted to welcome Brevan Howard Digital as our first digital asset custody client,” said Harrod Jones. “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 perspective. It is a game-changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”
Standard Chartered added that it plans to expand its custody services to include more digital assets, and is exploring further opportunities to launch its custody services in other global financial centers.