Standard Chartered Introduces Crypto Custody Services in Europe

Standard Chartered, a global bank, announced on Thursday that it had established a new company that would provide services for digital asset custody and cryptography in the European Union. &nbsp,

The company’s announcement comes after the United Arab Emirates launched its online resource prison services in September. Additionally, the American bank opened a spot-based crypto trading desk with Bitcoin and Ethereum last year, making it one of the first global banks to do so. &nbsp,

In a statement, Standard Chartered Global Head of Financing and Securities Services Margaret Harwood-Jones said,” We are really excited to be able to give our digital resource prison services to the EU territory. This will enable us to help our clients with a product that is changing the scenery of conventional finance, while also providing the level of security that comes with being an appropriately regulated entity.”

The new prison company will” offer growing consumer demand”, the bank said, and will be based in Luxembourg. Standard Chartered did not immediately respond to ‘s concerns. &nbsp,

Custody services manage the storage of digital coins in the online asset space, a time-consuming process that may irritate and possibly intimidate many prospective investors. &nbsp,

Standard Chartered added that it has appointed Jean Marochini, who formerly held positions at Societe Generale Securities Services, as the company’s CEO in Luxembourg.

Digital resources are subject to stringent regulations in the EU. The 27-nation bloc in 2023 set up tighter regulation frameworks for the industry, with its Markets in Crypto Assets ( MiCA ) law heavily focused on regulating assets that have long concerned lawmakers, such as stablecoins. &nbsp,