Standard Chartered has established a new entity in Luxembourg to provide crypto custody services across the European Union under the EU's Markets in Crypto-Assets (MiCA) regulation.
Establishment of a New Entity in Luxembourg
Standard Chartered has registered a new legal entity in Luxembourg to seize opportunities presented by the EU's Markets in Crypto-Assets (MiCA) regulation. Laurent Marochini, former head of innovation at Société Générale, has been appointed as the CEO of this new division.
Goals of Service Expansion
The new company's goal is to meet the growing demand for digital asset security services in the region. Standard Chartered seeks to offer clients secure storage and protection of digital assets.
Strategic Partnerships and Collaborations
The establishment of the Luxembourg branch is part of Standard Chartered's strategy to enter the cryptocurrency sector. The bank had previously successfully launched similar services in the UAE and has partnered with OKX to introduce new security standards in crypto custody.
Standard Chartered continues to expand its footprint in the digital asset space, leveraging its strengths as a traditional financial institution while partnering with leading cryptocurrency entities.
