Standard Chartered, a global banking powerhouse, has officially entered the European crypto market after securing a digital asset license in Luxembourg. This strategic move positions the bank as a key player in the region's evolving cryptocurrency landscape.

The bank announced the establishment of a new entity in Luxembourg, set to serve as its regulatory entry point for the European Union. This follows the implementation of the Markets in Crypto-Assets (MiCA) Regulation, a landmark framework governing digital assets in the EU. Laurent Marochini, formerly with Société Générale, will lead this venture as CEO.

Initially, Standard Chartered’s services will focus exclusively on crypto custody for Bitcoin and Ether, with plans to expand to other assets in 2025. Waqar Chaudry, the bank's head of digital assets, clarified that trading services are not on the table for now. Instead, the custody offering leverages the bank’s robust risk capital and balance sheet, distinguishing it as the sole global bank in this space.

The Luxembourg launch aligns with Standard Chartered’s broader digital asset strategy, which debuted in the UAE in September 2024. There, the bank introduced crypto custody services for Bitcoin and Ether, signaling its commitment to supporting clients with secure and regulated digital asset solutions.

Margaret Harwood-Jones, the bank’s global head of financing, emphasized the importance of high-security standards and regulatory compliance. She noted that these offerings are reshaping traditional finance by providing institutional clients with access to the digital asset ecosystem.

This move caps years of preparation, as Standard Chartered has been exploring crypto services since 2021. The bank’s efforts include joining alliances with major industry players like Coinbase and Six Digital Exchange to advance crypto adoption.