Standard Chartered, a British bank, received a license in Luxembourg.
Standard Chartered, a British bank, received a license in Luxembourg to offer digital asset custody services throughout the European Union. This move aligns with the new Markets in Crypto-Assets (MiCA) regulations, designed to standardize crypto rules across the EU.
The license allows Standard Chartered to create a regulated entry point in Luxembourg, enabling secure crypto custody for institutional clients.
Margaret Harwood-Jones, the bank’s Global Head of Financing, expressed excitement about combining innovation with regulated banking security. Laurent Marochini, previously with Société Générale, will lead the new Luxembourg entity. This development is part of Standard Chartered’s strategy to enhance its digital asset services, following a successful launch in the UAE.
Over the past year, Standard Chartered has actively pursued crypto services. In October, the firm partnered with OKX crypto exchange to create a new security standard for institutional clients, acting as OKX’s third-party crypto custodian. Additionally, the bank is reportedly setting up a trading desk for Bitcoin and Ethereum. As a result, it is becoming one of the first global banks to engage in spot crypto trading.
The bank has also invested in its crypto subsidiaries, Zodia Custody and Zodia Markets, focusing on custody and over-the-counter trading. In November 2024, it launched a blockchain unit called Libeara, emphasizing its commitment to digital assets.
The recent MiCA framework is encouraging more companies to seek compliance for a unified regulatory environment. Firms like MoonPay and BitStaete have already secured MiCA licenses. Bitget, a crypto exchange, plans to establish a hub in Lithuania to comply with these regulations.
