Dubai, London, Singapore, September 10, 2024: Standard Chartered today announced its highly anticipated digital asset custody service in the UAE. The groundbreaking offering has been granted a license by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), a leading global financial hub, following the memorandum of understanding (MoU) signed in May 20231.
The service, which enables clients to safekeep their digital assets, has launched in the UAE due to its well-balanced approach to digital asset adoption and financial regulation and marks a significant milestone in the bank’s digital asset strategy, initially supporting the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum. Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.
Bill Winters, Group Chief Executive of Standard Chartered Bank, said: “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered but for the financial services industry. 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 this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field, allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
Margaret Harwood-Jones, Global Head of Financing & Securities Services, said: “After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering. This announcement demonstrates the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions. Our offering goes beyond simple wallet services; it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk, and prudential point of view. 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, said: “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”
The bank plans to broaden its scope in the coming months to encompass a wider range of digital assets and is actively exploring opportunities to extend its custody services to other key financial hubs in its footprint markets.
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