Ethereum

2024

Bitcoin

Standard

Dubai

Standard Chartered, one of the world’s leading financial institutions, officially&nbsp;<a style="text-decoration:none" href="https://www.sc.com/en/press-release/standard-chartered-launches-digital-asset-custody-service-in-the-uae/" rel="noopener noreferrer nofollow">announces</a> the launch of its digital asset custody service in the UAE.&nbsp;
The new service, licensed by the Dubai Financial Services Authority (DFSA) and based within the Dubai International Financial Centre (DIFC), aims to provide secure storage solutions for Bitcoin and Ethereum initially, with plans to expand to other digital assets in the near future.
 Bill Winters, Group Chief Executive of Standard Chartered, stressed the importance of digital assets in the future of global finance. He noted that the launch of this custody service is not just a milestone for the bank but for the entire financial industry.&nbsp;
<blockquote>
 “We firmly believe that digital assets are not merely a passing trend but represent a fundamental shift in the fabric of finance,” Winters said.&nbsp;
</blockquote>
Standard Chartered’s new service is designed to cater primarily to large institutional clients who require secure, reliable, and regulated custody solutions for their crypto assets.&nbsp;
&nbsp;
The first official client of the service is Brevan Howard Digital, a part of the larger Brevan Howard investment management firm.&nbsp;
<h2 dir="ltr" id="span-span-why-the-uae-a-growing-crypto-ecosystem-span-span">Why the UAE? A Growing Crypto Ecosystem</h2>
The UAE has rapidly become a major player in the global crypto space. According to a 2024 study by&nbsp;<a style="text-decoration:none" href="https://www.henleyglobal.com/newsroom/press-releases/crypto-wealth-report-2024#:~:text=The%20UAE%20secures%20the%203,high%2Dnet%2Dworth%20individuals." rel="noopener noreferrer nofollow">Henley &amp; Partners</a>, the UAE ranks third globally in crypto adoption, trailing only behind Singapore and Hong Kong.&nbsp;
&nbsp;
The country has scored highly in factors like innovation, technology, and economic development, making it a hotspot for digital finance.&nbsp;
<h2 dir="ltr" id="span-span-licensing-and-compliance-process-span-span">Licensing and Compliance Process</h2>
The approval of the digital asset custody service came after more than a year of collaboration between Standard Chartered and UAE regulators to ensure the service complies with local regulations.&nbsp;
&nbsp;
Standard Chartered worked closely with the DFSA to build the necessary infrastructure and guarantee that its service meets the highest security and compliance standards.
&nbsp;
While the initial focus of the custody service is on Bitcoin and Ethereum, Standard Chartered has plans to expand its offering to include other digital assets in the near future. The bank also aims to extend its crypto custody services beyond the UAE to other key markets, positioning itself as a global leader in the custody of digital assets.&nbsp;

Standard Chartered Enters UAE Crypto Market with Custody Services for Bitcoin and Ethereum

Table of Contents

BSCN

Other articles published on Sep 16, 2024

Norwegian Town Faces Price Surge After Bitcoin Mine Shutdown, Residents Hit with Higher Bills

South African Uber, Bolt drivers to storm legislature to demand ride-hailing regulation, end to a...

What is Manta (MANTA) Coin?

Ethereum And Bitcoin Plunge Ahead Of FOMC Rate Decision After 2nd Assassination Attempt On Donald...

Institutional Investors Expecting a Rise Sold This Altcoin and Rushed to Bitcoin!

Top 5 Penny Cryptos to Watch: Kaspa, Stellar, Dogecoin, Ondo, and Chiliz

Join our free newsletter for daily crypto updates!