Standard Chartered has officially introduced its digital asset custody service in the UAE, as stated in an announcement from the bank. This service has been approved by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding established in May 2023.
“The launch of our digital asset custody service marks a significant milestone, not just for Standard Chartered, but for the entire financial services sector,” stated Bill Winters, Group Chief Executive of Standard Chartered. “We truly believe that digital assets are not just a fleeting trend, but a core transformation in the finance landscape. With this new offering, we are positioning ourselves at the leading edge of this next phase in the custody industry. Our solid infrastructure, alongside our expertise, enables us to bridge the gap between traditional financial services and the emerging digital asset landscape.”
The service is designed to ensure secure storage for digital assets, initially focusing on Bitcoin and Ethereum. The bank mentioned that its decision to launch custody services in the UAE was influenced by the region’s balanced approach to digital asset adoption and regulatory frameworks.
Brevan Howard Digital, the cryptocurrency division of Brevan Howard, a platform specializing in global macro and digital asset investment management, has been designated as the inaugural client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch responds to the rising institutional interest in digital assets.
“Following a period of in-depth collaboration and intensive work with regulators both locally and internationally, we are excited to welcome Brevan Howard Digital as the first client of our digital asset custody service,” said Harwood-Jones. “Our offering extends beyond basic wallet services; it presents a holistic solution that tackles the unique challenges of digital asset custody from regulatory, risk, and prudential angles. It represents a significant advancement for institutional clients, as we can leverage our traditional expertise to assist them in navigating the complexities of the digital asset realm, all while upholding the highest security standards.”
Standard Chartered also indicated plans to broaden its custody services to encompass more digital assets and is seeking additional opportunities to launch these services in other major global financial centers.
