Standard Chartered Launches Crypto Custody Service in UAE Amid
Standard Chartered has rolled out a digital asset custody service in the UAE, having secured regulatory approval from the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC).
This new service initially focuses on Bitcoin and Ethereum, marking the bank’s response to the growing demand for secure crypto services in the region.
The decision to launch in the UAE aligns with the country’s proactive approach to digital assets. Brevan Howard Digital, a division of the global investment firm Brevan Howard, has been announced as the first client.
The UAE continues to cement its position as a major hub for crypto activity, with progressive regulations aimed at fostering innovation while maintaining strict anti-money laundering (AML) and Know-Your-Customer (KYC) standards.
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Key financial regions like Abu Dhabi and Dubai have developed strong regulatory frameworks through the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), attracting significant players in the crypto space.
Crypto adoption in the UAE, although still growing, is picking up pace with a notable increase in daily trading activity over the past year.
The country’s removal from the Financial Action Task Force (FATF) grey list in April 2024 further enhances its appeal as a crypto-friendly destination. With clear regulations and a welcoming environment for investors, the UAE is poised for continued expansion in the digital asset sector.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
