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Standard Chartered, one of the UK’s largest banks, has officially secured a MiCA (Markets in Crypto-Assets) license in Luxembourg. This achievement marks a significant milestone in the bank’s digital expansion, enabling it to provide secure cryptocurrency custody services across the European Union. The move reflects the bank’s alignment with Europe’s unified regulatory framework for digital assets

MiCA License: A Gateway to New Services in Europe

With this license, Standard Chartered gains a legal and reliable entry into the European market. The bank’s Luxembourg office will offer advanced and secure digital asset custody services to institutional clients across the EU.

Margaret Harwood-Jones, the bank’s Global Head of Financing and Securities Services, stated:“This new service combines innovation with security within the banking regulatory framework.”

Strategic Leadership in Luxembourg

Laurent Marochini, a prominent financial expert with prior experience at Société Générale, will lead the bank’s Luxembourg operations. This step is part of Standard Chartered’s global strategy to expand its digital asset services.

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Expanding Global Presence in Digital Assets

In recent months, Standard Chartered has rapidly strengthened its position in the crypto space:

• September 2024: Launched crypto custody services in the UAE.
• October 2024: Partnered with OKX to provide new security standards for institutional clients.
• June 2024: Became one of the first global banks to launch Bitcoin and Ethereum trading desks.

Focus on Innovation and Blockchain

Through significant investments in its subsidiaries, Zodia Custody and Zodia Markets, Standard Chartered offers secure custody and over-the-counter (OTC) trading services to institutional clients. In November 2024, the bank launched a new blockchain unit called Libeara, demonstrating its commitment to advancing blockchain and digital asset technologies.

MiCA: Boosting Crypto Services Growth in Europe

The recently implemented MiCA framework in Europe is prompting more international companies to align with unified European regulations. Recent examples include:

MoonPay: Received MiCA license in the Netherlands.

Bitget: Established a regional hub in Lithuania to strengthen its European presence.

Socios.com: Obtained a license to operate as a virtual asset service provider in Europe.

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A Major Shift in Bank-Crypto Collaboration

The entry of traditional banks into the crypto space signals a major shift in the financial industry. Hunter Horsley, CEO of Bitwise, predicts that 2025 will be the year traditional banks fully embrace digital asset services. Standard Chartered’s latest achievement reinforces this trend, highlighting the growing convergence between traditional finance and crypto.

Conclusion

Standard Chartered’s MiCA license in Luxembourg represents a major step toward bridging traditional banking and digital assets. By focusing on innovation, security, and regulatory compliance, the bank is setting new standards for crypto services in Europe.