New Standard Chartered Crypto Division Launched in Luxembourg

Key Points:

• Standard Chartered established a new entity in Luxembourg to offer crypto custody services across the European Union.
• Laurent Marochini, former head of innovation at Société Générale, will serve as CEO of the new Standard Chartered crypto division.

Standard Chartered has launched a new entity in Luxembourg to offer crypto and digital asset custody services across the European Union following the implementation of the EU’s Markets in Crypto-Assets (MiCA) Regulation.

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Standard Chartered Crypto Custody Services Expanded in Luxembourg

Standard Chartered crypto division aims to capitalize on the increasing demand for digital asset security within the region.

The Luxemburg entity is Standard Chartered‘s entry, from a purely regulatory point of view, into the EU marketplace for the provision of dedicated crypto custody, according to reporting in the bank’s press statements today.

The head of this new entity would be Laurent Marochini- previously head of innovation at French financial giant Socété Généréal.

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The expansion forms part of the broader trend of traditional financial players entering the crypto sector, buoyed by increasing institutional adoption of digital assets.

The Standard Chartered crypto offerings in the EU will only offer custody, a service responsible for securely storing and safeguarding digital assets on behalf of its owners.

The creation of the Standard Chartered crypto division follows from its recent success in launching custody for digital assets services in the United Arab Emirates this September 2024. It has also teamed up with a cryptocurrency exchange, OKX, to introduce the new security standard, with Standard Chartered serving as OKX’s third-party crypto custodian for institutional clients.