British multinational bank Standard Chartered has named Luxembourg as its acting hub for its regulatory entry into Europe’s cryptocurrency market.
The small European nation will house a Standard Chartered entity for its crypto and digital assets custody services to fall in line with the European Union’s (EU) Markets in Crypto Assets (MiCA) regulation.
The opening of the business in Luxembourg is part of Standard Chartered’s global digital asset strategy to expand its digital asset portfolio, a mission it has accelerated since 2023 onwards.
In line with its market entry in Luxembourg, Laurent Marochini has been appointed as CEO of Standard Chartered, Luxembourg. He was previously Head of Innovation at Société Générale.
Marochini commented: “It is an honour to join the leading international bank, Standard Chartered Luxembourg as CEO. I am fully committed to delivering excellence for our clients, team and stakeholders.”
Standard Chartered’s market entry into Luxembourg and wider Europe follows the successful launch of its digital asset custody services portfolio in the United Arab Emirates.
The UAE, which also has its own crypto and digital assets regulatory framework, has welcomed crypto exchanges like Crypto.com and Bybit. The country has focused on digital assets as being one of the core financial elements of its emergence as a leading market.
Standard Chartered noted a growing appetite from its clients for digital asset custody services and whilst complying to MiCA guidelines, gained entry to another lucrative market.
Margaret Harwood-Jones, Global Head of Financing & Securities Services, Standard Chartered, added: “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.”
