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British multinational bank Standard Chartered has unveiled its crypto custody services in the UAE, licensed by the Dubai Financial Services Authority. The bank’s offering, announced on Tuesday, allows institutional clients to securely store Bitcoin and other crypto assets. Brevan Howard Digital, the crypto arm of a prominent hedge fund, is the first client to utilize this service.
Standard Chartered obtained the license within the Dubai International Financial Centre (DIFC), following an MoU signed in May 2023. Initially focusing on Bitcoin and Ethereum, the bank plans to expand its services to include a broader range of digital assets.
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This move reflects the growing demand among institutions for secure and regulated digital asset services. It also showcases Standard Chartered’s commitment to a balanced approach toward cryptocurrency adoption and financial oversight. The launch of these crypto custody services marks a significant step in the bank’s digital asset strategy.
CEO Bill Winters: Crypto Represents a ‘Fundamental Shift’ in Finance
Standard Chartered’s Group Chief Executive, Bill Winters, emphasized the potential impact of this initiative on the financial services industry. He stated that crypto assets are not “just a passing fad” but a fundamental shift in the financial landscape. Highlighting the bank’s vision, Winters added:
“With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
UAE’s Crypto-Friendly Environment
The UAE has been actively working to establish itself as a major crypto hub, attracting industry giants like Binance and OKX. As economic and financial competition intensifies in the Gulf region, the UAE has implemented comprehensive crypto regulations aimed at ensuring a smooth and secure market.
Read also: UAE Seeks Legal Protection for Telegram CEO Held in France
According to consultancy firm Henley & Partners, the UAE ranks third in crypto adoption, trailing only Singapore and Hong Kong. Major hedge funds, including Brevan Howard, Millennium Management, ExodusPoint Capital Management, and BlueCrest, have already tapped into the country’s vast financial opportunities.
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