Standard Chartered, a banking institution managing nearly $1 trillion in assets, has launched cryptocurrency trading services for wealthy clients in the United Arab Emirates. The offering allows affluent clients to buy and sell bitcoin and ether directly through their regular bank accounts without requiring separate cryptocurrency exchange accounts or digital wallets.
The bank stated this is the first time it has offered such a service anywhere globally and claims to be the first international bank to introduce this type of cryptocurrency trading service in the UAE.
Partnership and Regulatory Approval
Standard Chartered partnered with Zodia Markets, a cryptocurrency trading company backed by the bank's investment arm SC Ventures, to power the offering. Under the arrangement, Standard Chartered handles custody of crypto assets and settlement of digital currency transfers, while Zodia Markets provides cryptocurrency trading and storage systems.
The service has received approval from Dubai's Virtual Assets Regulatory Authority (VARA), which regulates cryptocurrency businesses in the emirate. The bank cited the UAE's regulatory environment and leadership in digital assets as factors in selecting the region for the launch.
Current Scope
Initially, the service supports only bitcoin and ether for eligible affluent clients. Standard Chartered stated the offering represents a milestone in bringing digital assets into its core wealth management business as client interest in cryptocurrencies grows.
