Global banking giant Standard Chartered has officially entered the European cryptocurrency market, establishing a new entity in Luxembourg after securing a digital asset license under the EU’s Markets in Crypto-Assets (MiCA) framework.
A Major Step into European Crypto
On January 9, Standard Chartered announced its plans to use the Luxembourg entity as its regulatory foothold for offering cryptocurrency custody services across the European Union. The move follows the implementation of MiCA, a comprehensive regulatory framework designed to govern the EU’s digital asset market.
Laurent Marochini, former head of innovation at Société Générale, will serve as the CEO of Standard Chartered’s Luxembourg branch, leading the bank’s efforts to expand its digital asset offerings in the region.
Initial Focus: Bitcoin and Ether Custody
At launch, Standard Chartered’s European crypto services will be limited to custody solutions for Bitcoin (BTC) and Ether (ETH), with plans to add more assets in late 2025, according to Waqar Chaudry, the bank’s head of digital assets.
Unlike some competitors, the Luxembourg operation will not include trading services for now. Chaudry emphasized that the custody service is backed by Standard Chartered’s internal resources, including significant risk capital and balance sheet support, making it unique among global banks offering similar services.
Global Expansion Strategy
The Luxembourg launch is part of a broader strategy by Standard Chartered to expand its digital asset presence globally. In September 2024, the bank introduced crypto custody services in the UAE, also featuring Bitcoin and Ether.
Margaret Harwood-Jones, the bank’s global head of financing, expressed enthusiasm about the European launch, stating:
“We are thrilled to bring our digital asset custody services to the EU, providing our clients with secure access to a product reshaping traditional finance.”
Harwood-Jones highlighted that the new services adhere to stringent security and regulatory standards, reinforcing Standard Chartered’s position as a leader in institutional crypto solutions.
Years in the Making
Standard Chartered’s foray into crypto has been years in the making. Reports from June 2024 revealed the bank’s plans to develop crypto trading services under its foreign exchange trading unit in London. Earlier, in 2021, Standard Chartered explored launching a crypto exchange in Europe.
The bank has also been active in industry collaborations, joining an alliance of fintech firms and banks in 2021 to promote best practices in cryptocurrency adoption. Members of the alliance include Coinbase, Huobi, and Six Digital Exchange.
Paving the Way for Institutional Crypto Adoption
Standard Chartered’s entry into the EU’s crypto market reflects its commitment to bridging the gap between traditional finance and digital assets. With its Luxembourg launch, the bank is setting the stage for further innovation while providing institutional clients secure access to the evolving digital asset ecosystem.
This development positions Standard Chartered as a key player in the global race to integrate cryptocurrencies into mainstream financial services.
Featured image from: liquidity.io