Bank

Standard

Dubai

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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>The move comes after receiving approval from the <a href="https://www.dfsa.ae/" target="_blank" rel="noopener">Dubai Financial Services Authority (DFSA)</a>, the financial regulator of the <a href="https://www.difc.ae/" target="_blank" rel="noopener">Dubai International Financial Centre (DIFC)</a>. </strong></h4> 
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     This approval allows the multinational bank to provide secure custody services for digital assets.
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<h5><strong>Bank Begins Crypto Custody with Bitcoin and Ethereum</strong></h5> 
<p>The service was initially <a href="https://www.sc.com/en/press-release/standard-chartered-launches-digital-asset-custody-service-in-the-uae/" target="_blank" rel="noopener">announced</a> on May 10, 2023. This is when Standard Chartered signed a memorandum of understanding with the DIFC to expand its offerings in digital asset management. The bank partnered with Brevan Howard Digital to officially launch the service on September 10. This partnership highlights the growing collaboration between traditional financial institutions and the expanding digital asset sector.</p> 
<p>Standard Chartered’s foray into the <a href="https://www.altcoinbuzz.io/?s=crypto+market" target="_blank" rel="noopener">crypto space</a> is part of its broader strategy to embrace the future of digital assets. Bill Winters, the bank’s group chief executive, expressed confidence in the enduring role of digital assets in the financial system. “We firmly believe that digital assets are not merely a passing trend but a fundamental shift in the fabric of finance,” Winters stated, positioning Standard Chartered as a forward-thinking player in the evolving crypto landscape.</p> 
<p><img decoding="async" class="wp-image-150411 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/svdvfdgfhyjtuyuyytu-300x276.jpg" alt="" width="552" height="507" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/svdvfdgfhyjtuyuyytu-300x276.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/svdvfdgfhyjtuyuyytu.jpg 395w" sizes="(max-width: 552px) 100vw, 552px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/BitcoinMagazine/status/1833609345868661125" target="_blank" rel="noopener">X</a></strong></h6> 
<p>While the current offerings focus on BTC and ETH, the bank plans to expand its digital asset custody services to include a broader range of cryptocurrencies shortly. Additionally, Standard Chartered aims to extend its reach to other global financial hubs, reinforcing its commitment to being a leader in the digital asset ecosystem.</p> 
<p>This launch marks another significant step for the bank in the crypto space. Earlier in 2023, Standard Chartered <a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240718-4/" target="_blank" rel="noopener">collaborated</a> with Web3 firm Animoca Brands on a stablecoin project in Hong Kong and partnered with Crypto.com to <a href="https://cointelegraph.com/news/crypto-com-standard-chartered-global-fiat-services" target="_blank" rel="noopener">provide</a> fiat services to over 90 countries, starting with the UAE.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/standard-chartered-launches-crypto-custody-in-uae/">Standard Chartered Launches Crypto Custody in UAE</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Standard Chartered Launches Crypto Custody in UAE

Altcoin Buzz

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