PANews reported on January 9 that Standard Chartered Bank announced that its newly established Luxembourg entity will serve as a regulatory entry point into the EU market, providing cryptocurrency and digital asset custody services to EU clients. Luxembourg can meet the growing needs of the EU market due to its balanced regulatory and financial environment. Previously, Standard Chartered has launched digital asset custody services in the UAE.

Laurent Marochini was appointed as CEO of the Luxembourg entity, who previously served as head of innovation at Societe Generale. Standard Chartered said the move would help its institutional clients enter the digital asset ecosystem and provide strong support for the transformation of traditional finance.