Standard Chartered Launches Digital Asset Custody Services in UAE
In a move that signals a significant step towards digital asset adoption, Standard Chartered announced on Tuesday that it has started offering digital asset custody services in the UAE. The British hedge fund, Brevan Howard Digital, has become an inaugural client of this new service.
Why UAE?
Standard Chartered chose to launch its digital asset custody business in the UAE due to the country’s well-balanced approach to financial regulation and digital asset adoption. This decision reflects the bank’s confidence in the region’s potential for growth in the crypto sector.
Gautam Sharma, CEO of Brevan Howard Digital, emphasized the importance of Standard Chartered’s global reputation and commitment to the crypto space in attracting institutional adoption. This partnership signifies a significant milestone in the development of digital asset services in the UAE.
UAE’s Crypto Ambitions
The UAE has been actively working to attract major players in the crypto industry, successfully luring businesses like Binance and OKX to set up operations in the country. Additionally, the UAE government has been focusing on developing virtual asset regulations to facilitate the growth of new businesses in this emerging sector.
The country has also succeeded in attracting big hedge funds, further solidifying its position as a key player in the global crypto market.
Expanding Presence in Crypto Sector
Standard Chartered is just one of several banks expanding their presence in the crypto sector as institutional investors increasingly embrace digital assets. This move reflects the growing interest and demand for digital asset services among traditional financial institutions.