Standard Chartered announced the opening of its new entity in Luxembourg, to act as its European Union (EU) regulatory entry point for the provision of crypto and digital asset custody services to EU clients, following implementation of the Markets in Crypto Assets (MiCA) Regulation.

The opening of the business in Luxembourg is part of Standard Chartered’s global digital asset strategy, enabling broadening of its digital asset portfolio. This follows the recent launch of digital asset custody services in the UAE, with Luxembourg having a well-balanced regulatory and financial environment in order to meet growing client demand in the EU.

Standard Chartered has appointed Laurent Marochini as the CEO of the Luxembourg entity. Laurent joins from Société Générale where his last held position was Head of Innovation, and brings a wealth of experience to the role.

Margaret Harwood-Jones, Global Head of Financing & Securities Services, Standard Chartered said: “We are really excited to be able to offer our digital asset custody services to the EU region, enabling us to support our clients with a product that is changing the landscape of traditional finance, whilst also providing the level of security that comes with being an appropriately regulated entity. We are incredibly proud to be paving the way for our institutional clients to access the digital asset ecosystem.”

Laurent Marochini, CEO Luxembourg, Standard Chartered said: “It is an honour to join the leading international bank, Standard Chartered Luxembourg as CEO. I am fully committed to delivering excellence for our clients, team and stakeholders.”

Source: Standard Chartered