Crypto regulation Dubai

Standard Chartered to Launch Digital Asset Custody Services in Collaboration with Dubai International Financial Centre

CryptocurrencyNews
··1 min read

Standard Chartered and Dubai International Financial Centre (DIFC) have signed a memorandum of understanding (MoU) to collaborate on digital assets, including digital asset custody services. The agreement outlines Standard Chartered’s plan to launch digital asset custody services, starting in DIFC and catering to institutional clients worldwide.

Standard Chartered, a market leader in the Securities Services industry, is an early mover in developing services to provide custody of digital assets, including cryptocurrencies. The bank’s new services will be powered by its subsidiary Zodia Custody, which has best-in-class operational and technical capabilities suited to the needs of institutional clients.

The MoU was signed at the Dubai FinTech Summit by Essa Kazim, Governor of DIFC, and Bill Winters, Group Chief Executive Officer of Standard Chartered. The collaboration aligns with Dubai’s vision to be at the forefront of the future of finance.

During the signing ceremony, Winters stated that “We see digital assets as an important part of the future of financial services, and we are committed to investing in the infrastructure and talent necessary to be a leader in this space. The UAE’s well-balanced approach to digital asset adoption and financial regulation makes it an ideal first market for us to launch our digital asset custody proposition.”

In addition to launching digital asset custody services, Standard Chartered and DIFC have agreed to collaborate on initiatives that promote a vibrant and thriving digital assets ecosystem in Dubai and the wider UAE economy. Through the MoU, the Bank will work closely with the DIFC Innovation Hub, which is a leading ecosystem for start-ups and scale-ups, to advance its broader digital assets agenda.

Read more about digital assets in Dubai: Dubai leads the way with new regulatory framework for virtual assets

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