Standard Chartered, one of the world’s leading financial institutions, officially announced the launch of its digital asset custody service in the UAE.
Service Launch
The new service, licensed by the Dubai Financial Services Authority (DFSA) and based within the Dubai International Financial Centre (DIFC), aims to provide secure storage solutions for Bitcoin and Ethereum initially, with plans to expand to other digital assets in the near future.
Why the UAE?
The UAE has rapidly become a major player in the global crypto space. According to a 2024 study by Henley & Partners, the UAE ranks third globally in crypto adoption, trailing only behind Singapore and Hong Kong. The country has scored highly in factors like innovation, technology, and economic development, making it a hotspot for digital finance.
Licensing and Compliance Process
The approval of the digital asset custody service came after more than a year of collaboration between Standard Chartered and UAE regulators to ensure the service complies with local regulations. Standard Chartered worked closely with the DFSA to build the necessary infrastructure and guarantee that its service meets the highest security and compliance standards. The bank also aims to extend its crypto custody services beyond the UAE to other key markets, positioning itself as a global leader in the custody of digital assets.
The launch of the new digital asset custody service by Standard Chartered is a significant step in the development of financial technology and the strengthening of the position of digital assets on global markets.
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