Standard Chartered Launches Crypto Custody Service in Dubai

Standard Chartered Bank received a license from the Dubai Financial Regulatory Authority to offer BTC and ETH storage services in the United Arab Emirates Special Economic Zone. The service is facilitated by Brevan Howard Digital.

Standard Chartered Bank announced the launch of a cryptocurrency storage service in the United Arab Emirates. The service was licensed by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).

At this stage, the service only supports Bitcoin (BTC) and Ethereum (ETH) storage, but Standard Chartered plans to expand the range of cryptocurrencies supported and to offer the service in other financial centers in the UAE. The service was launched in partnership with Brevan Howard Digital, the cryptocurrency arm of hedge fund Brevan Howard.

Bill Winters, CEO of Standard Chartered Bank, said that the initiative is designed to expand the bank’s list of services and its presence in the UAE market, as well as increase the popularity of digital assets among institutional clients. In his opinion, cryptocurrencies are of fundamental importance to the financial sector and can change the structure of finance globally in the future.

Standard Chartered is actively researching the tokenization of assets and working with major players in the cryptocurrency market. In turn, the UAE leads in the level of adoption of digital assets among all countries in the Middle East.

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