Standard Chartered welcomes “decisive moment” with launch of digital asset custody service in the UAE

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After signing a memorandum of understanding in May 2023, the bank has received a license from the Dubai Financial Services Authority (DFSA) in the Dubai International Financial Center (DIFC), a leading global financial center.

The service will initially support the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum.

Brevan Howard Digital, the dedicated crypto and digital assets division of Brevan Howard, has been confirmed as the launch customer for the product.

Bill Winters, Group Chief Executive of Standard Chartered Bank, said: “The launch of our digital asset custody offering represents a pivotal moment not only for Standard Chartered, but also for the financial services industry.” We strongly believe that digital assets are not are just a temporary trend, but a fundamental change in the financial structure. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure coupled with our expertise in this area allows us to bridge the world of financial services and the emerging digital asset ecosystem.”

He says the bank plans to expand its scope of operations in the coming months to cover a wider range of digital assets and is actively exploring opportunities to expand its custody services to other key financial centers in its markets of presence.