Leading International banking group, Standard Chartered has obtained a regulatory license from Luxembourg to open a new entity in the state. In a blog post released today, the bank confirmed the development stating that it can now offer digital asset custody services to users in Luxembourg.
Also, it is worth noting that this newly launched entity in Luxembourg represents Standard Chartered Bank’s entry point into the European Union market. This, as revealed, follows the implementation of the Markets in Crypto Assets (MiCA) Regulation. In addition, it also demonstrates the bank’s goal of broadening its digital asset portfolio.
Standard Chartered appoints Laurent Marochini as Luxembourg CEO
To complement the launch, Standard Chartered appointed Laurent Marochini as the CEO of the Luxembourg entity. Marochini was the well-experienced former Head of Innovation at Socièté Générale. While reacting to the launch, the new CEO also affirmed his commitment to ensuring clients, teams, and stakeholders enjoy top-notch services.
Similarly, the Global Head of Financing and securities services at Standard Chartered, Margaret Harwood-Jones has also reacted to the development. She revealed Standard Chartered’s commitment to bringing digital asset custody services closer to European Union Region users. The exec also added that the license enables Standard Chartered to support its Clients with exceptional products that are changing the landscape of traditional finance.
Meanwhile, following the implementation of the Markets in Crypto Assets (MiCA) Regulation in the European Union law, various organizations have also secured licenses to provide regulatory-compliant services. On Tuesday, the European subsidiary of Digital Asset Provider HashKey obtained a Virtual Asset Service Provider (VASP) license from Ireland government. As revealed, the license allows HashkKey to provide services that include fiat-crypto exchange, crypto-crypto exchange, and custodial wallet services.
Also in 2024, Popular Stablecoin Issuer, Circle secured approval to register as an Electronic Money Institution (EMI) in France. As revealed, this registration grants the stablecoin issuer a key license to become an operator under the European Union MiCA regulation.
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