International banking group Standard Chartered has established a new entity in Luxembourg to provide crypto and digital asset custody services to EU clients.
This move positions Luxembourg as the bank’s regulatory gateway to the EU market, aligning with the Markets in Crypto Assets (MiCA) regulation, which aims to streamline blockchain and distributed ledger technology adoption for virtual asset regulation in the EU while safeguarding users and investors.
Standard Chartered chose Luxembourg for its “well-balanced regulatory and financial environment to meet growing client demand in the EU.” The entity is a key part of the bank’s global strategy to grow its digital asset portfolio.
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This move follows the bank’s recent launch of digital asset custody services in the UAE.
Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: “We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity. We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”
Laurent Marochini has been appointed as CEO of the Luxembourg entity. Marochini joined Standard Chartered from Société Générale, where he served as head of innovation. “It is an honour to join the leading international bank, Standard Chartered Luxembourg as CEO,” said Marochini. “I am fully committed to delivering excellence for our clients, team and stakeholders.”
