Standard Chartered, a significant presence in the financial services sector, has obtained regulatory sanction to introduce a new digital asset custody service in the United Arab Emirates.
One of the reasons why the United Arab Emirates was selected as the location for its launch is because of the region’s robust legislative structure and progressive position on digital assets.
First and foremost, the service will concentrate on Bitcoin and Ethereum, which are the two most valuable cryptocurrencies in terms of market capitalization. Additionally, Brevan Howard Digital is going to be the first company to take use of this new product.
Standard Chartered and the wider financial industry are both seen as having taken a huge stride forward as a result of this event, which highlights the increasing significance of digital assets.
With the help of its well-established infrastructure and extensive knowledge, the bank intends to bridge the gap between conventional banking and the rapidly developing market for digital assets.
At the same time, there are plans in the works to extend the scope of these services to include more key financial centers throughout the world.
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