Standard Chartered Bank is now offering Bitcoin, and other crypto-currencies to United Arab Emirates. Services officially started on Tuesday according to an press release. The first customer of Brevan Howard Digital (a crypto division within the hedge fund) will receive the offer.
Dubai Financial Services Authority has approved that the bank can offer custody services. This is another great example of how the UAE has been at the forefront in the crypto regulatory world. The institution stated that the debut of this product follows a MoU signed by both parties in May last year.
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Standard Chartered Bank Offers Crypto Custody Services in the UAE
In the last few years, crypto regulations have evolved on a worldwide scale. Nations are trying to figure out how they can govern this growing industry. In the process of regulating this new asset class, certain nations are more receptive than others.
One of the regions with the highest potential for developing digital assets has now strengthened its position. Indeed, Standard Chartered Bank launched Bitcoin and crypto-custody services in the UAE. This is yet another example of a company in Dubai embracing crypto business.
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Bill Winters was the chief executive of the bank. “a pivotal moment not just for Standard Chartered, but for the financial services industry.” He also noted that the institution believes in cryptocurrency as an asset class.
“We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of his next evolution in the custody business,” Winters is added.
Customers will be able to protect their assets through the bank. The launch was also hailed as an important milestone. “milestone” In its cryptocurrency strategy. Initial support will be provided for both Bitcoin and Ethereum. Ethereum. It is anticipated that this will expand to meet the expected increase in demand.
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Source: watcher.guru
