Standard Chartered to launch digital asset custody services in Dubai

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Standard Chartered has signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody.

Subject to regulatory approval, the bank plans to launch digital asset custody services in the DIFC and cater to institutional clients around the world. The services will be powered by its subsidiary Zodia Custody, an institutional crypto asset servicing company based in London that offers services to clients across the globe.

“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,” said Bill Winters, Group Chief Executive Officer of Standard Chartered, at the signing ceremony. “The UAE has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition.”