Normal Chartered is opening a brand new entity in Luxembourg after acquiring approval to supply digital asset custody providers within the European Union.
In a press release, the world’s Forty fifth-largest financial institution says the entity will function its regulatory entry level for providing crypto and digital asset custody providers to shoppers within the EU following the area’s implementation of the Markets in Crypto Belongings (MiCA) regulation.
Says Margaret Harwood-Jones, Normal Chartered’s world head of financing and securities providers,
“We’re actually excited to have the ability to supply our digital asset custody providers to the EU area, enabling us to help our shoppers with a product that’s altering the panorama of conventional finance, while additionally offering the extent of safety that comes with being an appropriately regulated entity. We’re extremely proud to be paving the way in which for our institutional shoppers to entry the digital asset ecosystem.”
Laurent Marochini, former head of innovation at European banking big Société Générale, was appointed CEO of the Luxembourg entity.
In September, Normal Chartered additionally launched its digital asset custody service within the United Arab Emirates after getting a seal of approval from the Dubai Monetary Companies Authority (DFSA).
Brevan Howard Digital, the digital asset division of hedge fund administration firm Brevan Howard, is the inaugural consumer of the service, which initially helps Bitcoin (BTC) and Ethereum (ETH).
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