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Standard Chartered Bank Establish a New Entity in Luxembourg to Provide Crypto Custody Services 

Standard Chartered Bank announced the approval of the Licence and the ability to open a new entity in Luxembourg, to act as its European Union (EU) regulatory entry point for the provision of crypto and digital asset custody services to EU clients. 

The approval follows the implementation of the Markets in Crypto Assets Regulations (MiCA) regulations. 

The bank announced the milestone via a Jan 9 press release on its official website highlighting the bank’s objectives with the New Initiative. 

The press release also revealed the individuals appointed to spearhead the entity in Luxembourg. 

Global Digital Asset Strategy 

According to the Press release, the opening of the business in Luxembourg is part of a broader global digital asset strategy by the bank as it looks to broaden its digital asset portfolio. 

The Luxembourg digital asset entity follows the recent launch of digital asset custody services in the UAE. Luxembourg makes a great choice for the banking giants because it already has a well-balanced regulatory and financial environment poised to meet the growing needs of clients in the European Union. 

Standard Chartered appointed Laurent Marochini as the CEO of the new Luxembourg entity. 

Mr Marochini joins from Société Générale where his last position was Head of Innovation and brings a wealth of experience to the role. 

Margaret Harwood-Jones, Global Head of Financing & Securities Services, at Standard Chartered, commented on the new entity, highlighting its importance to the bank’s EU clients while admitting the role cryptocurrency is playing to change the global financial landscape. 

We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity. We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.” Margaret stated. 

The CEO of the new entity in Luxembourg communicated his appreciation for his new role and the chance to work with an International Bank like Standard Chartered. 

The Markets in Crypto Assets Regulations (MiCA) is the regulatory framework set out by the European Union to govern the affairs of Crypto entities within its jurisdiction. 

The regulatory body is currently at loggerheads with Tether USDT, the largest stablecoin issuer in the market over issues of compliance leading to a proposed ban of USDT in the European Union.