Standard Chartered launches crypto custody services in Europe

Standard Chartered has officially launched its cryptocurrency services in Europe following the acquisition of a digital asset license in Luxembourg.

On January 9, 2025, the banking giant announced the establishment of a new entity in Luxembourg, which will serve as its regulatory entry point for offering crypto and digital asset custody services across the European Union.

This move aligns with the implementation of the Markets in Crypto-Assets (MiCA) Regulation, a significant regulatory framework for cryptocurrencies in the EU.

Laurent Marochini, previously head of innovation at Société Générale, has been appointed as CEO of Standard Chartered’s Luxembourg entity.

Initially, the bank's offerings will be limited to custody services for Bitcoin and Ether, with plans to expand to additional digital assets later in 2025.

Waqar Chaudry, head of digital assets at Standard Chartered, clarified that trading services will not be available at launch and emphasised that there is currently no timeline for introducing trading options.

“We are not offering trading through Luxembourg; there is no clear timeline as that is not planned for the moment,” he stated.

The custody services will leverage Standard Chartered's substantial risk capital and balance sheet, positioning it as a unique player among global banks in this space.

This launch follows Standard Chartered's introduction of crypto custody services in the United Arab Emirates in September 2024.

“We are really excited to be able to offer our digital asset custody services to the EU region,” stated Margaret Harwood-Jones, global head of financing at Standard Chartered, expressing enthusiasm about the new service.

She emphasised that these services will adhere to high-security standards as a regulated entity within Europe.

Standard Chartered’s entry into crypto services has been years in the making.

Reports from mid-2024 indicated plans for developing crypto trading services, and discussions around launching a crypto exchange date back to 2021.

The bank has also joined an alliance of fintech companies and banks to promote best practices in cryptocurrency adoption.