Standard Chartered Launches Digital Asset Custody Service in UAE

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. The Importance of Digital Assets
  2. Initial Focus on Bitcoin and Ethereum
  3. Security and Regulation


    4. Standard Chartered Bank has officially launched its digital asset custody service in the United Arab Emirates (UAE). This service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC). The bank took this step following a memorandum of understanding signed in May 2023.

    The Importance of Digital Assets

    Standard Chartered Group CEO Bill Winters stated that the digital asset custody service is a significant milestone not only for the bank but also for the financial services sector. Winters emphasized that digital assets are not just a passing trend but a fundamental change in finance. With this new service, the bank aims to create a bridge between the emerging digital asset ecosystem and the world of financial services.

    Initial Focus on Bitcoin and Ethereum

    The new custody service initially focuses on securely storing digital assets such as Bitcoin and Ethereum. The bank’s decision to launch this service in the UAE is based on the country’s balanced approach to the adoption of digital assets and financial regulations. Brevan Howard Digital has been identified as the first client of this new service. Brevan Howard is a global investment management platform specializing in macro and digital assets.

    Security and Regulation

    Margaret Harwood-Jones, Standard Chartered’s Head of Global Financing and Securities Services, noted that this launch aims to meet the institutional interest in digital assets. Harwood-Jones highlighted that this service goes beyond simple wallet services, addressing unique challenges in digital asset custody from regulatory, risk, and prudential perspectives. This signifies a substantial change for institutional clients.

    The bank aims to support its clients in navigating the complexities of the digital asset space without compromising on the highest security standards, thanks to its robust infrastructure and expertise. Additionally, Standard Chartered is exploring opportunities to launch custody services in other global financial centers.

    By launching its digital asset custody service in the UAE, Standard Chartered has taken a significant step in the financial services sector. The bank aims to meet the interest of institutional clients in digital assets and provide comprehensive solutions in terms of regulation, risk, and security. Planning to expand its services to include more digital assets and global financial centers in the future, the bank closely monitors developments in the digital asset arena.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Criminals Use AI-Powered Tools for Cyber Attacks in India

Criminals are using AI-powered tools to conduct financially motivated cyber attacks against entities in India.

user avatarAisha Farooq

MEXC Enhances Security Measures and Capital Reserves

MEXC enhances its security framework and capital reserves by adding 1,000 BTC to its Futures Insurance Fund, aiming to protect user assets and provide a risk buffer during extreme market conditions.

user avatarTenzin Dorje

MEXC Unveils AI Trading Report with Key Insights from Crypto Traders

MEXC has released an AI Trading Report based on a survey of 3,708 crypto traders, highlighting the use of AI in trading strategies and user preferences for control and risk management.

user avatarBayarjavkhlan Ganbaatar

BingX EU Achieves MiCA License to Expand Crypto Services in Europe

BingX EU MEGE zweite GmbH has obtained a MiCA license from Austria's FMA, allowing it to offer regulated crypto services across 29 EEA countries.

user avatarMohamed Farouk

Zcash Faces 11% Decline Amid Growing Market Concerns

Zcash has experienced an 11% decline in the past 24 hours, raising concerns about market stability and the impact of AI on cryptography.

user avatarElias Mukuru

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.