Standard Chartered Bank has introduced a digital custody service for Bitcoin and Ether in the UAE. Margaret Harwood-Jones, Global Head of Financing and Securities Services, emphasized that the service extends beyond basic wallets.
Amid global regulatory changes in the cryptocurrency sector, banks are seeking new opportunities in virtual digital assets (VDAs). Standard Chartered, based in London, now offers this digital asset custody service, providing secure management of cryptocurrencies for its clients in the UAE.
According to a statement from the bank, the UAE’s clear regulatory framework for crypto assets has positioned it as an ideal location for launching this service. This new feature represents a significant development in the bank’s service offerings.
Bill Winters, Group Chief Executive of Standard Chartered, remarked, “We see digital assets as more than a trend but as a fundamental shift in finance.”
Harwood-Jones further described the service as a comprehensive solution addressing regulatory, risk, and prudential challenges of digital asset custody. “It’s a game-changer for institutional clients,” she added, noting the bank’s ability to leverage its traditional expertise to help clients navigate the complexities of digital assets.
Brevan Howard Digital, the cryptocurrency arm of investment management platform Brevan Howard, has been named the first client to receive this new service tailored to the UAE.
Standard Chartered initially discussed launching such a service in 2023 after signing a Memorandum of Understanding with the Dubai International Financial Centre (DIFC) and receiving a license from DIFC’s regulator, the Dubai Financial Services Authority (DFSA). At that time, Winters highlighted the bank’s view of digital assets as vital to global financial services’ future.
Regarding UAE regulations, the 2022 VARA guidelines clarify crypto firms’ operational do’s and don’ts, enhancing the UAE’s appeal as a testing ground for Web3 platforms.