The multinational Standard Chartered Bank has officially begun offering Bitcoin and other crypto custodial services to the United Arab Emirates (UAE). The services officially began on Tuesday, according to a press release. Moreover, the offering will be provided through Brevan Howard Digital, a crypto division of the hedge fund, as its very first client.
The bank was approved by the Dubai Financial Services Authority to offer custody services. Indeed, it is another example of the UAE’s position at the forefront of crypto regulation. The institution noted that the offering debuts following a memorandum of understanding (MoU) signed in May of last year.
Source: Reuters
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Standard Chartered Bank Launches Crypto Custody Offering in UAE
The last several years have seen crypto regulation on a global scale evolve. Nations have sought to develop the ways in which they govern the growing sector. During that process, some nations have emerged more welcoming than others regarding the emerging asset class.
Now, one of the most promising regions for digital asset development has only fortified its position. Indeed, Standard Chartered Bank has officially launched Bitcoin and other crypto custody services in the UAE. The development marks yet another company embracing cryptocurrency business operations in Dubai.
Source: CNBC
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The bank’s chief executive, Bill Winters, called the launch “a pivotal moment not just for Standard Chartered, but for the financial services industry.” Moreover, he noted the institution’s overall belief in crypto as a dependable asset class.
“We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of his next evolution in the custody business,” Winters added.
The service will allow customers to safeguard their holdings through the bank. Moreover, they note the launch as a “milestone” in its cryptocurrency strategy. Initially, the offering will support the custody of both Bitcoin and Ethereum. That is expected to expand, likely meeting increased demand expected to arise.
