Standard Chartered, a leading international financial institution with over $1 trillion in assets under management, is about to launch custody services for Bitcoin and other cryptocurrencies in the European Union (EU). The move marks an important step into the cryptocurrency space for the bank and is further evidence of the growing interest in digital assets among traditional financial institutions.

Standard Chartered announced the establishment of a new entity in Luxembourg, as a regulatory entry into the EU market to provide cryptocurrency and digital asset custody services in response to growing customer demand after the implementation of the Markets in Crypto-Assets Regulation (MiCA). The move is part of its global digital asset strategy, having previously launched digital asset custody services in the UAE. The new Luxembourg-based entity will be CEOed by Laurent Marochini, who previously served as head of innovation at Societe Generale.