Standard Chartered has gone live with digital asset custody services in the United Arab Emirates, a country found to have a “well-balanced approach to digital asset adoption and financial regulation,” according to the financial services firm.
Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, was onboarded as Standard Chartered’s inaugural client in the jurisdiction.
Bitcoin and Ethereum first, but more to come
The digital asset custody offering has been granted a license by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC).
The service enables clients to safekeep their digital assets and initially supports the custody of Bitcoin and Ethereum. Standard Chartered plans to broaden its scope in the coming months to encompass a wider range of digital assets and is actively exploring opportunities to extend its custody services to other key financial hubs in its footprint markets, the bank said.
The launch of crypto custody services in the UAE follows Standard Chartered heightened role within the digital asset space as it launches a spot crypto trading desk, issues Ether ETFs, participates in China’s digital yuan trials, launches a tokenization platform in Singapore, and launches crypto custody in Hong Kong via Zodia.
“It is a game changer for institutional clients”
Bill Winters, Group Chief Executive of Standard Chartered Bank said: “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
Margaret Harwood-Jones, Global Head of Financing & Securities Services said: “After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering. This announcement demonstrates the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions. Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential point of view. It is a game changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”
Gautam Sharma, Chief Executive Officer of Brevan Howard Digital said: “This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”
