Standard Chartered Bank Announced on Thursday that it is expanding its crypto services to the european union (EU). The London, UK-Headquartred 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 -SESETS Regulation (MICA), Went Into Effect on December 30, 2024. The Bank Could Launch these Services in OTHERVICES IN OTHERVICES 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 luxambourg, 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 of 36,000 by 2025. In its statement, the bank said that luxembourg has a well-balanced regulatory and final ecosystem That made it a viable entry point for it into the eu.
“We are really excited to be removed 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 trades Also providing the level of security that cames with being an appropriately regulated entity, “said margaret harwood-jones, commenting on the development. Harwood-Jones services 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 focused on exploring digital tokens that could simplife 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 cryptocurrerendies are bound to trigger a fundamental shift in the ver Fabric of Finance.
Crypto expansion in eu
The eu had finalized the mica regulations in 2022. These guidelines have been put in place to ensure that crypto-Related practices are safe for investors to dabble in. From license requirements to steps to establish Clean Business Practices – The Guidelines Comprehensively Cover a Wide Array of Dos and Do 3 FIMS LOOMS 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 exchanged foyed into the eu region by obtaining a license in ireland.
Us-based Paypal Also chose luxembourg to debut its crypto services in the eu in 2022.
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