Standard Chartered unveiled its much-awaited digital asset custody service in the UAE on Tuesday. This innovative service has been granted a license by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), a prominent global financial hub, following the memorandum of understanding (MoU) signed in May 2023. The service, designed to securely store clients' digital assets, has been launched in the UAE due to its balanced approach to digital asset adoption and financial regulation. This launch signifies a major milestone in the bank's digital asset strategy, initially supporting the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum. Brevan Howard Digital, the specialized crypto and digital asset division of Brevan Howard, has been confirmed as the first client for this product.
Bill Winters, group chief executive of Standard Chartered Bank, stated: “The launch of our digital asset custody offering is a landmark moment not only for Standard Chartered but for the entire financial services industry. We are convinced that digital assets are not just a fleeting trend but a fundamental transformation in the financial landscape. With this new service, we are strategically positioning ourselves at the vanguard of this next evolution in the custody business. Our robust infrastructure, combined with our expertise in the field, enables us to bridge the gap between the world of financial services and the emerging digital asset ecosystem.”
Margaret Harwood-Jones, global head of financing & securities services, added: “After extensive work and close collaboration with regulators both regionally and globally, we are delighted to welcome Brevan Howard Digital as the first client of our digital asset custody offering. This announcement underscores the increasing institutional interest in digital assets and the pressing need for secure, regulated custody solutions. Our offering goes beyond basic wallet services—it is a comprehensive solution that tackles the unique challenges of digital asset custody from regulatory, risk, and prudential perspectives. It is a game-changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space without compromising on the highest standards of security.”
Gautam Sharma, chief executive officer of Brevan Howard Digital, commented: “This is a significant achievement for the UAE and the broader digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is crucial for institutional adoption. The development of institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts to enhance and reinforce standards in the digital asset ecosystem.”
The bank plans to expand its service to include a broader range of digital assets in the coming months and is actively seeking opportunities to extend its custody services to other major financial hubs in its operational markets.
