Standard Chartered Adds Crypto Custody to UAE Services with BTC, ETH
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Standard Chartered announced on September 10 the launch of its digital asset/crypto custody services in the United Arab Emirates.
The service was licensed by the Dubai Financial Services Authority (DFSA) and operates within the Dubai International Financial Centre (DIFC). It will initially support Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
UAE’s recognition for its balanced approach to digital asset adoption and regulation has been reflected in its growing status as a global leader in digital finance, with opinions of it becoming the center of crypto in the coming years.
The announcement on September 10 marks a significant milestone for Standard Chartered. This move follows a memorandum of understanding signed in May 2023 between the bank and DIFC, laying the groundwork for the custody service.
Brevan Howard Digital, the cryptocurrency division of the hedge fund Brevan Howard, has been named the first client of the new service.
The UAE was chosen as the launchpad due to its proactive stance on digital finance, including favorable regulatory conditions.
According to Standard Chartered, the service will provide institutional clients with a secure solution to keep their digital assets safe and address the increasing demand for regulated custody solutions in the region.
Standard Chartered Bank has received approval from the Dubai Financial Services Authority (DFSA) to offer cryptocurrency custody services in the UAE. The bank will provide custody for BTC and ETH in partnership with Brevan Howard
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