Standard Chartered Bank has officially launched its digital asset custody services in the United Arab Emirates (UAE), initially supporting Bitcoin (BTC) and Ethereum (ETH) custody. The service, which received approval from the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), marks a significant step in institutional cryptocurrency adoption in the region.
Key Features of the Service
- Initial Support: BTC and ETH custody
- Future Expansion: Plans to broaden services in the coming months
- Regulatory Compliance: Fully licensed under DFSA
Brevan Howard Digital, the crypto and digital assets division of UK-based hedge fund Brevan Howard, has become the first client of Standard Chartered's custody service in the UAE.
Why This Matters
The launch represents growing institutional interest in digital assets and reinforces the UAE's position as a hub for cryptocurrency innovation. Custody services like these provide secure storage solutions for institutional investors looking to enter the crypto market.
👉 Discover more about institutional crypto adoption
Frequently Asked Questions (FAQs)
What cryptocurrencies does Standard Chartered's custody service currently support?
The service currently supports Bitcoin and Ethereum, with plans to expand to other digital assets soon.
Is this service available to retail investors?
No, this custody service is designed for institutional clients like hedge funds and large investment firms.
How does this service impact the broader crypto market?
Institutional-grade custody services lend legitimacy to cryptocurrencies and may encourage more traditional investors to enter the space.
What regulatory body oversees this service?
The Dubai Financial Services Authority (DFSA) regulates this custody service within the DIFC.
Who was the first client of this service?
Brevan Howard Digital became the first client to utilize Standard Chartered's crypto custody in the region.
👉 Learn about secure crypto storage solutions
The UAE continues to position itself as a leader in cryptocurrency adoption, with this latest development from Standard Chartered Bank further strengthening its credentials as a forward-thinking financial hub in the Middle East.