The bank has previously worked around digital assets in Singapore
PayPal also chose Luxembourg to debut crypto services in the EU
Laurent Marochini will head the bank’s Luxembourg entity as its CEO
Photo Credit: Facebook/ Standard Chartered
Standard Chartered bank announced on Thursday that it is expanding its crypto services to the European Union (EU). The London, UK-headquartered bank previously debuted its crypto-related services in Luxembourg. This makes Luxembourg the entry point for the bank into the EU market. The development comes after the EU's crypto guidelines, known as the Markets in Crypto-Assets Regulation (MiCA), went into effect on December 30, 2024. The bank could launch these services in other EU countries, but it has yet to reveal any expansion plans.
The bank will now offer crypto and digital asset custody services to its customers in Luxembourg, a post from the bank said.
Data by Worldometer claims that the current population of Luxembourg is over 676,000. Meanwhile, data by Statista estimates that the number of crypto holders in Luxembourg is expected to breach the mark of 36,000 by 2025. In its statement, the bank said that Luxembourg has a well-balanced regulatory and financial ecosystem that made it a viable entry point for it into the EU.
“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,” said Margaret Harwood-Jones, commenting on the development. Harwood-Jones serves as the global head of financing and securities services at Standard Chartered.
Laurent Marochini will head the bank's Luxembourg entity as its CEO. He previously served as the head of innovation at France's Société Générale bank.
History of Standard Chartered with Crypto
In recent years, various traditional banks like JP Morgan, Morgan Stanley, and Goldman Sachs have made strides in exploring the sector of digital assets. Standard Chartered has also participated in a few Web3-centric projects over the past few years.
In 2022, the Monetary Authority of Singapore (MAS) partnered with Standard Chartered to pilot a project that focussed on exploring digital tokens that could simplify trade finance.
Last September, the multinational bank launched a digital asset custody service in the UAE. At the time, Bill Winters, the Group Chief Executive of Standard Chartered, said that the bank firmly believes that digital assets like cryptocurrencies are bound to trigger a fundamental shift in the very fabric of finance.
Crypto Expansion in EU
The EU had finalised the MiCA regulations in 2022. It gave virtual assets service providers (VASPs) a period of two years to being their businesses in alignment with MiCA rules. These guidelines have been put in place to ensure that crypto-related practices are safe for investors to dabble in. From licencing requirements to steps to establish clean business practices — the guidelines comprehensively cover a wide array of dos and don'ts for Web3 firms looking to operate in the EU region.
Owing to the regulatory clarity in the EU region, crypto firms are gradually reaching EU nations to expand their businesses. Earlier this month, Hong Kong-based HashKey crypto exchange forayed into the EU region by obtaining a licence in Ireland.
US-based PayPal also chose Luxembourg to debut its crypto services in the EU in 2022.
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