Standard Chartered, a multinational bank, is set to offer custody services for Bitcoin and Ethereum to its institutional clients in Dubai starting in Q1 2024. This move signifies the bank’s embrace of digital assets and is supported by the favorable crypto regulations in the United Arab Emirates (UAE). Standard Chartered has a strong presence in the UAE, with Dubai serving as its hub for the Middle East and Africa. The bank previously signed a Memorandum of Understanding with the Dubai International Financial Centre to explore digital asset custody. The custody services will be facilitated by Zodia Custody, Standard Chartered’s institution-first digital asset custodian. The decision to anchor their crypto services in the UAE is strategic, as the country has a progressive stance on digital assets and offers a regulatory edge compared to other regions. With the UAE’s licensure, Standard Chartered aims to redefine banking in the region and offer its custody services globally.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Waqar Chaudry |
| Companies | Abu Dhabi’s over-the-counter (OTC) market, Standard Chartered PLC, UAE Blockchain Strategy 2021, Dubai International Financial Centre (DIFC), Zodia Custody |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
