Global bank Standard Chartered has made its way into the UAE crypto market, officially receiving approval to release its digital asset custody service.Standard Chartered Begins Offering Bitcoin, Ethereum Custody Service in UAE
Billion-dollar investment managers Brevan Howard have been confirmed as the product’s first clients.
Standard Chartered will allow UAE investors to access Bitcoin and Ethereum through the business’ custody solution.
The plan is for the service to expand across nations and to include more digital assets pending its success over the coming months.
The institutional push into the blockchain market is going full-steam ahead, with British multinational bank Standard Chartered going live with a crypto custody service in the UAE. The move will allow residents in the nation to purchase Bitcoin and Ethereum via Standard Chartered, removing some of the barriers of holding crypto with a decentralised wallet or opening an exchange account.
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Bitcoin and Ethereum to Begin – But More Digital Assets May be on their Way
The digital asset custody service was approved on the 10th of September, following Standard Chartered being granted a licence by the Dubai Financial Services Authority (DFSA). This comes after more than a year of working together to ensure regulatory compliance and developing infrastructure.Standard Chartered Begins Offering Bitcoin, Ethereum Custody Service in UAE
Standard Chartered chose the United Arab Emirates as home to their product due to the country’s “well-balanced approach to digital asset adoption and financial regulation”.
The bank hopes that it will be able to expand its custody service over the coming months beyond just Bitcoin and Ethereum, as well as move into other significant crypto-positive locations around the world.
US$20 billion (AU$30 bn) investment managers Brevan Howard Digital have been confirmed as Standard Chartered’s first client officially using its UAE-based crypto product.
Standard Chartered to Target Large Institutional Clients, Offering Secure and Convenient Custody of Crypto Assets
Bill Winters, the Group CEO of Standard Chartered Bank, spoke to the possibilities such a service will unlock for citizens in the UAE and the Web3 market in general.
The company’s Global Head of Financing and Securities weighed in on the process it took to receive approval from UAE regulators.
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