Standard Chartered Launches UAE Crypto Custody Services in BTC, ETH

Multinational bank Standard Chartered said it will start offering cryptostody services in the United Arab Emirates.

On September 10, Consumer Bank Corporation announced that it will launch its digital asset protection service in Bitcoin (BTC) and Ether (ETH), the two largest cryptocurrencies by market capitalization. The bank launched the regulatory service in partnership with Brevan Howard Digital, the cryptocurrency division of hedge fund Brevan Howard.

The service was first announced in On May 10, 2023, the bank signed a memorandum of understanding with the Dubai International Financial Center (DIFC), a special economic zone in the United Arab Emirates.

According to the bank, the security solution is now licensed by the Dubai Financial Services Authority (DFSA), the DIFC's dedicated financial regulator.

Although the service will start with BTC and ETH, the bank is looking to include a wide range of crypto assets and expand its protection service to other financial centers.

Standard Chartered continues to push crypto.

In the announcement, Standard Chartered Group CEO Bill Winters said the new service will put the bank at the next level of regulated business. He explained that the bank truly believes in digital assets. And so he said.

“We firmly believe that digital assets are not just a passing trend, but a fundamental shift in the financial landscape.

Standard Chartered is one of the banks that continues to delve into the crypto space. In the year On July 18, the company partnered with Web3 company Animoka Brands to participate in the stablecoin sandbox run by the Hong Kong Monetary Authority (HKMA).

In the year On August 29, the company partnered with exchange Crypto.com to provide fiat services to more than 90 countries, starting with the UAE. The partnership will allow customers to deposit US Dollars, United Arab Emirates Dirhams and Euros and spend through the trading platform.

Related: Is Standard Chartered Setting Up Bitcoin, Ether Trading Desk?

UAE leads in crypto adoption.

The United Arab Emirates is one of the leading provinces in crypto adoption. According to a study by consulting firm Henley & Partners, the UAE ranks third behind Singapore and Hong Kong in the adoption of digital assets.

The United Arab Emirates scored 41.8 on the Henley Crypto Adoption Index 2024, almost tied with Hong Kong. The country scored highly in many of the study's parameters, including economic conditions, innovation and technology.

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