By Stephen O’Reilly
Standard Chartered has secured MiCA and EMI licences from Luxembourg’s financial regulator, the British bank announced on Monday.
In a statement, the bank said that it had been granted authorisation to provide crypto and digital asset custody services under the EU’s Markets in Crypto Assets Regulation (MiCA). Standard Chartered also confirmed that it had received authorisation to operate as an Electronic Money Institution (EMI).
The licences will provide the London headquartered bank a regulated entry point to offer digital asset services from Luxembourg. They will also enable subsequent expansion across the European Union, subject to regulatory approvals and cross-border rules.
Coming less than a year since Standard Chartered established its Luxembourg entity, the bank described the approvals as a “significant milestone” in its European “financing & securities services digital asset custody strategy”.
Commenting, Margaret Harwood-Jones, the bank’s global head of financing & security services, said that the approvals marked “a key step” in the lender’s “digital asset journey in Europe”.
“It reflects our commitment to operating within robust regulatory frameworks while enabling our clients to navigate the digital asset ecosystem with confidence” she said.
Laurent Marochini, chief executive of Standard Chartered Luxembourg, added that the licences would allow the bank to “progressively expand” its services to clients across Europe.
“This landmark authorisation reflects our strategic choice of Luxembourg, demonstrating the close and constructive collaboration we have had with the Commission de Surveillance du Secteur Financier (CSSF) throughout this journey”.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
