Standard Chartered has officially launched its highly anticipated digital asset custody service in the UAE, receiving a licence from the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC). This service marks a significant step in the bank’s digital asset strategy, following a memorandum of understanding signed in May 2023.
The new offering allows clients to securely safeguard their digital assets, initially supporting Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. Brevan Howard Digital, a division of Brevan Howard, has been named as the inaugural client.
Bill Winters, Group Chief Executive of Standard Chartered, emphasized, “This launch is a pivotal moment for both Standard Chartered and the financial services industry. We believe digital assets represent a fundamental shift in finance, and we are positioning ourselves at the forefront of this evolution.”
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, added, “The introduction of this service highlights the growing institutional interest in digital assets and the need for secure, regulated custody solutions.”
Gautam Sharma, CEO of Brevan Howard Digital, praised the development, stating that it is a significant win for the UAE and a meaningful advancement for institutional adoption in the digital asset ecosystem.
