Launch of Digital Asset Custody Service in the UAE by Standard Chartered

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Choice of UAE for Launch
  2. Statements from Standard Chartered Representatives
  3. Future Plans of Standard Chartered


    4. Standard Chartered has announced the launch of its highly anticipated digital asset custody service in the UAE, licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC).

    Choice of UAE for Launch

    The UAE was chosen as the launchpad due to its balanced approach to digital asset adoption and financial regulation. The innovative service will provide clients with a secure solution to safekeep their digital assets, with Brevan Howard Digital, the crypto and digital asset division of Brevan Howard, confirmed as the inaugural client.

    Statements from Standard Chartered Representatives

    Bill Winters, Group Chief Executive of Standard Chartered, described the launch as a pivotal moment for both the bank and the financial services industry. "Digital assets are not just a passing trend; they represent a fundamental shift in finance," he said. "Our service bridges traditional finance and the emerging digital asset market." Margaret Harwood-Jones, Global Head of Financing & Securities Services, highlighted the importance of secure, regulated solutions: "Our offering goes beyond simple wallets—it’s a comprehensive solution addressing regulatory, risk, and prudential challenges."

    Future Plans of Standard Chartered

    Gautam Sharma, CEO of Brevan Howard Digital, called the service a significant win for the UAE and the broader digital asset industry. "Standard Chartered’s global reputation and commitment to this space add credibility, supporting institutional adoption," Sharma said. Looking ahead, Standard Chartered plans to expand its custody services to include more digital assets and explore opportunities to extend these services to other financial hubs.

    This launch reflects the growing institutional interest in digital assets and highlights the UAE’s position as a global leader in the rapidly evolving digital asset industry.

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