Standard Chartered Obtains License in Luxembourg to Expand Crypto Services

British banking giant Standard Chartered announced today that it has obtained a license in Luxembourg to offer digital asset custody services. 

The news comes after the bank secured a digital asset license under the newly enacted Markets in Crypto-Assets (MiCA) framework, which provides unified crypto regulations across the EU. 

A Point Of Entry for the European Union

In a recent press release, Standard Chartered announced the establishment of a new entity in Luxembourg. This entity will serve as the bank’s regulatory entry point within the EU, allowing it to offer crypto custody services to clients across the region.

“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, Global Head of Financing at Standard Chartered. 

Laurent Marochini, previously head of innovation at Société Générale, will lead Standard Chartered’s new Luxembourg entity. Establishing a new entity in Luxembourg represents a step forward in Standard Chartered’s global strategy to expand its digital asset custody services. 

Back in September, the bank also successfully launched these services in the UAE. Overall, Standard Chartered has increasingly adopted crypto services and developments in the past year.

In October last year, the bank partnered with crypto exchange OKX to introduce a new security standard. As part of the partnership, OKX claimed Standard Chartered would be the exchange’s new third-party crypto custodian for institutional clients.

In June, reports suggested that Standard Chartered was setting up a trading desk for Bitcoin and Ethereum, making it one of the first global banks to enter spot crypto trading. 

“Today, Standard Chartered, a major global bank, announced it is launching digital asset custody in Europe. Banks are entering the room. 2025 will be the year several traditional banks launch crypto services,” wrote Hunter Horsley, the CEO of Bitwise.

The bank also heavily invested in its brokerage arm Zodia Custody and Zodia Markets. These two firms provide services, including custody and over-the-counter trading, to institutional clients.

Also, in November 2024, Standard Chartered launched Libeara, its blockchain unit.

More Companies are Seeking MiCA Compliance

The European Union’s long-awaited MiCA framework came into effect just 10 days ago. It seems that more companies are now seeking compliance with this regulation to extend their operations across the EU’s crypto market.

MoonPay was one of the first international companies to receive this license in the Netherlands in January. Shortly after, three other crypto firms, including the Dutch asset management firm BitStaete, followed suit. 

Socios.com also announced the Malta Financial Services Authority (MFSA) approval for a MiCA license. This designation allows the fan engagement platform to operate as a regulated provider of virtual financial assets.

Bitget has also recently announced its regional hub in Lithuania to ensure MiCA compliance and strengthen its European presence.