Banking giant Standard Chartered has announced that it will roll out crypto custody services in Europe.
According to the official announcement on January 9th, the bank has decided to create a new organization in Luxembourg to serve as its European Union (EU) regulatory entry point .
The decision comes in compliance with the Markets in Crypto Assets (MiCA) Regulation in Europe. The move is aimed at providing crypto and digital asset custody services to EU clients.
Standard Chartered To Benefit From Luxembourg’s Balanced Financial Framework
As part of its global digital asset strategy, Standard Chartered opened its Luxembourg office, allowing it to expand its portfolio of digital assets.
One of the major benefits for the bank is Luxembourg’s balanced financial and regulatory framework which will help satisfy the EU’s expanding client demand.
The move comes after the bank had launched its UAE digital asset custody services.
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Margaret Harwood-Jones, Global Head of Financing & Securities Services, Standard Chartered said “We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity.”
They add, “We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”
Standard Charted Appoints Laurent Marochini For Luxembourg CEO Position
The financial services provider also announced that Laurent Marochini has been named CEO of the Luxembourg business. The bank belives that Laurent brings a plethora of expertise to the post, having previously served as Head of Innovation at Société Générale.
Laurent Marochini, CEO of Luxembourg, Standard Chartered said “It is an honor to join the leading international bank, Standard Chartered Luxembourg as CEO. I am fully committed to delivering excellence for our clients, team, and stakeholders.”
What Are The MiCA Regulations?
A European Union (EU) rule known as the Markets in Crypto-Assets (MiCA) Regulation governs both crypto assets and crypto-asset service providers (CASPs).
Uniform EU market regulations for crypto-assets are established under the Markets in Crypto-Assets Regulation (MiCA). The regulation applies to crypto-assets that are not yet covered by the laws governing financial services.
Under the rules, transparency, disclosure, authorization, and transaction monitoring are important clauses for individuals who issue and trade crypto-assets, such as asset-reference tokens and e-money tokens.
Through the regulation of public offerings of crypto-assets and the improvement of consumer education regarding the dangers involved, the new legislative framework is aimed at promoting market integrity and financial stability.
Also Read: Four Companies Including MoonPay Secure MiCA Licenses In The Netherlands