This Megabank Doubles Down on Crypto with EU Hub Launch

Standard
Chartered has obtained regulatory approval in Luxembourg to provide digital
asset custody services, establishing a foothold in the European Union as the
region implements its Markets in Crypto Assets (MiCA) regulation.

Standard Chartered Wins
Luxembourg Digital Asset License in EU Push

The
international banking group has appointed Laurent Marochini, former Head of
Innovation at Société Générale, as CEO of the Luxembourg operation. This move
marks another expansion of Standard Chartered’s digital asset strategy, following
its recent launch of similar services in the United Arab Emirates.

“We
are really excited to be able to offer our digital asset custody services to
the EU region,” said Margaret Harwood-Jones, Global Head of Financing
& Securities Services at Standard Chartered. “This enables us to
support our clients with a product that is changing the landscape of
traditional finance, while maintaining the security standards expected from a
regulated entity.”

The
Luxembourg entity will serve as Standard Chartered’s regulatory entry point to
the EU market, capitalizing on the country’s established financial
infrastructure and balanced regulatory environment. This decision comes as
institutional demand for digital asset services continues to grow across the
European Union.

The
Luxembourg operation is part of Standard Chartered’s digital asset strategy and
follows similar developments by other financial institutions in the blockchain
and digital asset sector.

Marochini
joins the bank from his previous position as Head of Innovation at Société
Générale. “It is an honor to join the leading international bank, Standard
Chartered Luxembourg as CEO,” he said. “I am fully committed to
delivering excellence for our clients, team and stakeholders.”

The bank
has already acquired a major partner, announcing
that OKX exchange decided to use Standard Chartered’s custodian services
for institutional crypto operations.

Bank’s Crypto Arm Snaps Up
OTC Trading Powerhouse

Standard
Chartered also runs its crypto arm dubbed Zodia Markets, which recently
announced plans to
acquire Elwood Capital Management Ltd (ECML), the digital asset
over-the-counter (OTC) trading division of Elwood Technologies. The deal, concluded
in August 2024, aims to strengthen Zodia Markets’ regulated presence and
improve its services for institutional clients globally.

This
acquisition aligns with Elwood Technologies’ strategy to concentrate on its
core software-as-a-service (SaaS) offerings, including its execution management
system (EMS) and portfolio management system (PMS) tailored for institutional
investors. The move reflects Elwood’s intention to focus exclusively on digital
asset execution and portfolio management software while divesting its OTC
trading business.

For Zodia
Markets, the acquisition represents a significant step in its growth strategy,
granting it licenses for virtual asset service provider services and investment
businesses in Jersey. These licenses will enable Zodia Markets to expand its
regulated offerings, particularly in OTC settlement services, further
positioning the company as a leading institutional crypto service provider.

This article was written by Damian Chmiel at www.financemagnates.com.