Standard Chartered Launches Digital Assets Custody Service

Standard Chartered has unveiled a digital assets custody service in the UAE, following the granting of a licence by the Dubai Financial Services Authority.

The service, which enables clients to safekeep their digital assets, has launched in the UAE due to, StanChart says, “its well-balanced approach to digital asset adoption and financial regulation”. It adds the launch marks a significant milestone in the bank’s digital asset strategy.

The service will initially support the two largest cryptocurrencies by market capitalisation, Bitcoin and Ethereum and Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product.

“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” claims Bill Winters, CEO of Standard Chartered. “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, Standard Chartered, adds, “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.”

The bank says it 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.

“This is a significant win for the UAE and the wider digital asset industry,” says Gautam Sharma, CEO of Brevan Howard Digital. “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.”