While Bitcoin (BTC) and altcoins have been experiencing high volatility in recent days, a big move came from British banking giant Standard Chartered.
In response to increased customer demand following the MiCA law that came into force in the European Union with the new year, Standard Chartered announced that it will offer cryptocurrency services in the EU.
Accordingly, Standard Chartered said it has established a new legal entity in Luxembourg to provide cryptocurrency and digital asset custody services and has entered the EU market.
Laurent Marochini, former head of innovation at French financial giant Société Générale, will serve as CEO of Standard Chartered’s Luxembourg unit.
Standard Chartered’s cryptocurrency offering in the EU will initially be limited to Bitcoin, but the bank’s Head of Digital Assets Waqar Chaudry said more cryptocurrencies such as Ethereum (ETH) will be added by late 2025.
It was also stated that Standard Chartered’s cryptocurrency service in the EU will only include crypto custody, or the custody and safekeeping of digital assets on behalf of their owners.
*This is not investment advice.
