Last Updated on September 12, 2024 by Editor
In keeping with its “well-balanced approach to digital asset adoption and financial regulation,” the financial services behemoth Standard Chartered has formally launched its digital asset custody services in the United Arab Emirates (UAE).
Brevan Howard Digital, the crypto and digital asset subsidiary of the British hedge fund, has signed on as Standard Chartered’s first customer in the area for this service.
First Offerings: Ethereum and Bitcoin, with More to Come
Customers may now safely hold digital assets, starting with Bitcoin and Ethereum, with the new digital asset custody service offered by the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA). In the near future, Standard Chartered intends to broaden the scope of digital assets included in its service offerings. In addition, the bank is looking into ways to provide its crypto custody services to other significant financial centers in its markets.
This launch is a component of Standard Chartered’s larger plan to increase its market share in the digital asset market. The bank recently introduced crypto custody services in Hong Kong through its subsidiary Zodia, created a spot crypto trading desk, issued Ether ETFs, took part in China’s digital yuan trials, and developed a tokenization platform in Singapore.
A “Turnaround” for Institutional Customers
The introduction of our digital asset custody offering is a pivotal moment, not just for Standard Chartered, but for the entire financial services industry,” stressed Standard Chartered Bank Group Chief Executive Bill Winters. We firmly believe that digital assets herald a deeper change in the financial landscape than a fleeting fad. We are strategically placing ourselves at the forefront of this transformation in the custodial industry by providing this innovative service. We are able to close the gap between traditional financial services and the developing digital asset ecosystem thanks to our solid infrastructure and knowledge.
After extensive collaboration with regulators at both regional and global levels, we are delighted to welcome Brevan Howard Digital as the first client for our digital asset custody service,” said Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered. This accomplishment is a reflection of the growing interest from institutions in digital assets as well as the requirement for safe, regulated custody options. We provide a comprehensive solution that tackles the particular regulatory, risk, and prudential problems associated with digital asset custody, going beyond simple wallet services. For institutional clients, this is revolutionary because it enables them to take advantage of our conventional knowledge and navigate the intricacies of the digital asset field without sacrificing the greatest security requirements.
Increasing Institutional Acceptance of Digital Assets
This development is a significant achievement for both the UAE and the broader digital asset industry,” said Brevan Howard Digital CEO Gautam Sharma. Institutional adoption requires a certain level of trust, which Standard Chartered’s significant commitment to this industry and its global brand provide. Our existing company within the Abu Dhabi Global Market (ADGM) is supported by the institutional infrastructure expansion in this asset class and region as we strive to raise standards within the digital asset ecosystem and grow further.
By connecting traditional finance with the expanding digital asset market, Standard Chartered is launching this initiative not just to further solidify its commitment to digital assets but also to contribute to the future development of the financial sector.
