Ethereum and Bitcoin Custody Services Are Now Available in the UAE via Standard Chartered

Targeting institutional investors, Standard Chartered launches its digital asset custody service in the United Arab Emirates, providing safe storage options for Bitcoin and Ethereum.

The well-known global firm Standard Chartered has made a significant entry into the rapidly expanding cryptocurrency market in the United Arab Emirates by formally launching its digital asset custody business. After more than a year of cooperation to guarantee regulatory compliance and construct the required infrastructure, the bank was granted clearance by the Dubai Financial Services Authority (DFSA) on September 10, 2024.

First supported cryptocurrencies that investors in the UAE will have a safe and regulated way to retain are Bitcoin and Ethereum thanks to this new service. For institutional clients—who frequently encounter difficulties with decentralized wallets and exchange accounts—this action attempts to simplify the procedure. It has already been confirmed that Brevan Howard, a well-known investment manager with $20 billion in assets, is the first customer of Standard Chartered's cryptocurrency custody service.

The UAE was selected by Standard Chartered as the launch destination because of the nation's pro-digital asset adoption and regulation policies. The bank wants to bring its services to more crypto-friendly areas across the globe and broaden its custody solutions to accommodate more digital assets.

The launch of our digital asset custody solution marks a turning point for the financial services sector, according to Standard Chartered Group CEO Bill Winters, who highlighted the significance of the announcement. Digital assets represent a fundamental change in the finance industry, not merely something that is trendy.

The strict processes used to obtain regulatory approval were highlighted by Margaret Harwood-Jones, Global Head of Financing and Securities Services, who also noted the increasing institutional demand in safe, regulated custody options.

With Standard Chartered's entry into the cryptocurrency custody market, more institutional investors is expected to migrate to the United Arab Emirates, further increasing the integration of digital assets into traditional financial institutions.