Standard Chartered Expands Digital Asset Custody Services To Luxembourg

Standard Chartered is moving forward with the launch of cryptocurrency custody services in Europe after securing a digital asset license in Luxembourg.

The bank plans to use this entity as a regulatory entry point for offering digital asset services across the European Union (EU). Laurent Marochini, previously head of innovation at Société Générale, has been appointed as the CEO of the new Luxembourg-based entity.

Marochini also co-chairs the blockchain and cryptocurrency working group at the Association of the Luxembourg Fund Industry (ALFI).

Standard Chartered Paving The Crypto Way

Margaret Harwood-Jones, Standard Chartered’s Global Head of Financing & Securities Services, said the bank is paving the way for institutional clients to access the crypto ecosystem:

We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity.

The announcement follows the implementation of the Markets in Crypto-Assets (MiCA) regulation, a controversial regulatory framework for crypto-related companies in the EU.

In the UAE, the bank’s initial clients included the OKX crypto exchange, where it acted as a custodian for institutional clients.

Standard Chartered’s digital asset strategy also involves Zodia Custody, a separate entity launched in 2020 by the bank in partnership with Northern Trust.

Zodia, which first gained regulatory approval in 2021, has since attracted investments from Japan’s SBI, National Australia Bank (NAB), and Emirates NBD, while Standard Chartered’s SC Ventures maintains a controlling interest. SC Ventures operates Zodia as an independent subsidiary, focusing on institutional digital asset services.