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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.
“We firmly believe that digital assets are not merely a passing trend but represent a fundamental shift in the fabric of finance,” Winters said.
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.
The first official client of the service is Brevan Howard Digital, a part of the larger Brevan Howard investment management firm.
Why the UAE? A Growing Crypto Ecosystem
The country has scored highly in factors like innovation, technology, and economic development, making it a hotspot for digital finance.
Licensing and Compliance Process
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.
Standard Chartered worked closely with the DFSA to build the necessary infrastructure and guarantee that its service meets the highest security and compliance standards.
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.