Standard Chartered Launches Digital Asset Custody Service in UAE

Standard Chartered has announced its digital asset custodian service in the UAE. The license was granted by the Dubai Financial Services Authority following an MoU signed in May 2023.

Tlauhas launched in the UAE because of its balanced approach to digital asset adoption and financial regulation. The bank’s decision to first support Bitcoin and Ethereum, the two biggest cryptocurrencies by market value, represents a key turning point in the bank’s digital asset policy. It has been verified that the product’s debut customer is Brevan Howard Digital, the company’s specialized division for cryptocurrency and digital assets.

“Our digital asset custody offering marks an important moment not only for Standard Chartered, but also for the financial services industry,” stated Bill Winters, Group Chief Executive of Standard Chartered Bank. We truly think that the financial industry is undergoing a fundamental transition due to digital assets, not merely a fad. We are proactively leading the way in the upcoming development of the police industry with this innovative service. Because of our strong infrastructure and domain knowledge, we are able to offer Margaret Harwood-Jones, Global Head of Funding and Security Services, said, “After intensive work and close collaboration with local and global regulators, we are delighted to welcome Brevan Howard Digital as the first client of our digital asset custody offering. 

This announcement demonstrates the growing corporate interest in digital assets and the critical need for secure and regulated custodial solutions. Our offering goes beyond simple wallet services – it’s a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk, and prudent perspective. This is a game changer for enterprise customers as we can support them to navigate the complexities of the digital asset space using our legacy expertise without compromising on high security standards.

“This is a significant win for the UAE and the wider digital asset sector,” said Gautam Sharma, CEO of Brevan Howard Digital. The global standing of Standard Chartered and their demonstrated dedication to this field provide business adoption significant legitimacy. The expansion of our existing company within ADGM and our continuous efforts to enhance and fortify quality in the digital asset ecosystem are facilitated by the growth of institutional infrastructure throughout the region and asset class.

In the upcoming months, the bank intends to broaden its scope to encompass a greater variety of digital assets. Additionally, it is looking for ways to extend its police coverage to additional time-track market financial hubs.