Standard Chartered Bank has officially introduced its digital asset custody services in the United Arab Emirates (UAE). The new offering, based in the UAE and regulated by the Dubai Financial Services Authority (DFSA), will operate within the Dubai International Financial Centre (DIFC).
Key Features of the Service
- Initial Support: Bitcoin (BTC) and Ethereum (ETH) due to their market dominance.
- Regulatory Framework: Overseen by DFSA, ensuring compliance and security.
- Target Clients: Institutional investors seeking regulated custody solutions.
Why UAE? A Progressive Hub for Digital Finance
The UAE’s forward-thinking regulatory environment and status as a global crypto adoption leader made it the ideal launchpad for this service. The country ranks third in digital asset adoption worldwide, trailing only Singapore and Hong Kong (2024 Henley Crypto Adoption Index).
👉 Explore UAE’s crypto-friendly policies
Institutional Crypto Adoption Gains Momentum
Standard Chartered’s move reflects rising institutional demand for secure, regulated crypto services:
- June 2023: Launched BTC/ETH trading desks for institutional clients.
- Strategic Partnerships: Collaborated with Animoca Brands and Crypto.com to expand digital asset offerings.
- First Client: Brevan Howard Digital Asset, the crypto arm of UK hedge fund Brevan Howard.
Future Expansion Plans
The bank aims to:
- Extend custody services to other financial markets.
- Broaden its digital asset portfolio to include additional cryptocurrencies.
- Strengthen its position as a leading digital asset service provider.
FAQs
1. What cryptocurrencies does Standard Chartered’s custody service support?
Initially, only Bitcoin (BTC) and Ethereum (ETH).
2. Who regulates this service in the UAE?
The Dubai Financial Services Authority (DFSA).
3. Why is the UAE a preferred location for crypto services?
Due to its progressive policies, high crypto adoption rates, and robust regulatory framework.
4. Are there plans to support more cryptocurrencies?
Yes, the bank is exploring expansions to its digital asset portfolio.
👉 Learn more about institutional crypto adoption