Standard Chartered offers Bitcoin and Ethereum custody in UAE

Standard Chartered has launched a new digital asset custody service in the United Arab Emirates (UAE), focusing initially on Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).

The service, which has received a license from the Dubai Financial Services Authority (DFSA), aims to provide secure storage for these digital assets within the Dubai International Financial Centre (DIFC).

The initiative follows a memorandum of understanding signed in May 2023, marking a significant step in Standard Chartered’s digital asset strategy.

Brevan Howard Digital is the first client to use this service.

Bill Winters, Group Chief Executive at Standard Chartered, emphasised the importance of this move, stating, “We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.”

The new custody service is designed to address the regulatory, risk, and security needs of institutional investors.

Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, noted, “This announcement demonstrates the growing institutional interest in digital assets and the critical need for secure, regulated custody solutions.”

Gautam Sharma, CEO of Brevan Howard Digital, described the partnership as crucial for the UAE and digital asset markets.

He highlighted that Standard Chartered’s established reputation would enhance institutional adoption.

The bank plans to extend its services to include additional digital assets and explore other financial hubs.

Harwood-Jones highlighted that the service not only provides custody but also integrates prudential standards, calling it “a game changer” for institutions navigating the digital asset space.

At press time, the Bitcoin (BTC) price was $56,991.69, and the Ethereum (ETH) price was $2,356.12.