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- Standard Chartered has received approval from the Dubai Financial Services Authority to offer crypto custodial services for Bitcoin and Ethereum.
- Executive Bill Winters emphasized the bank’s confidence in the future of digital assets, viewing them as a transformative force in finance.
In the latest development, the Dubai Financial Services Authority has given the green flag to London-based multinational bank Standard Chartered to offer crypto custodial services in the UAE. On Tuesday, September 10, Standard Chartered stated that it would begin offering digital asset custodial services for its top two assets: Bitcoin (BTC) and Ethereum (ETH).
The banking giant announced the launch of its custodial services in partnership with Brevan Howard Digital, the cryptocurrency arm of hedge fund Brevan Howard. First unveiled in May 2023 last year, this initiative from Standard Chartered comes as the bank signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), a special economic zone in the UAE.
As said, the banking giant will initially start the services with the top two cryptocurrencies – BTC and ETH. Later, it plans to expand its scope to include a large number of crypto assets and expand its custodial services to other financial hubs as well. Earlier this year, in June, Standard Chartered launched its own Bitcoin and Ethereum trading desks in London, per the CNF report.
This shows that the multinational bank is quite confident of the future of the crypto market. On the other hand, the US SEC has been targeting several crypto-friendly banks while issuing them subpoenas on charges of violating the money-laundering rules. Thus, several crypto firms including Tether have been eyeing expansion into the UAE market, per the CNF report.
Standard Chartered’s Crypto Push
In its latest announcement, Standard Chartered Group Chief Executive Bill Winters added that the new services would position the bank for the next phase of the custody business. Additionally, he also emphasized the bank’s strong belief in the future of digital assets. Winters noted:
“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business.”
Two weeks back, on August 29, the London-based multinational bank joined hands with Crypto.com to offer fiat services in over 90 countries, beginning with the UAE. This collaboration allows customers to deposit and withdraw U.S. dollars, UAE dirhams, and euros directly on the trading platform. Baking giant Standard Chartered also expects the BTC Price to reach $100,000 by the US Presidential Elections in November, reported CNF.
On the other hand, the UAE is emerging as a leading jurisdiction in crypto adoption. Consultancy firm Henley & Partners stated that the UAE ranks third in crypto adoption after Singapore and Hong Kong.
