Standard Chartered has launched a new entity in Luxembourg to provide crypto custody services across the European Union under MiCA regulation.

British multinational financial giant Standard Chartered has launched a new entity in Luxembourg to offer crypto custody services to European Union clients as the E.U. implements the Markets in Crypto Assets — also known as MiCA — regulation.

In a Jan. 9 press release, the bank said that the Luxembourg office will be part of the bank’s global push into the crypto space, following the launch of similar services in the UAE. Laurent Marochini will lead the Luxembourg entity as chief executive, joining from Société Générale, where he was head of innovation, the press release reads.

“We are really excited to be able to offer our digital asset custody services to the E.U. region,” said Margaret Harwood-Jones, global head of financing & securities services at Standard Chartered, adding that the bank is proud to help institutional clients access the digital asset ecosystem.

“It is an honor to join the leading international bank, Standard Chartered Luxembourg as CEO. I am fully committed to delivering excellence for our clients, team and stakeholders.”

Laurent Marochini

The bank is firmly involved in crypto, with successful ventures like Zodia Custody and Zodia Markets. It also remains optimistic about Bitcoin (BTC), predicting it could rise to $250,000 in the near future. The bank is also exploring stablecoin initiatives, having been included in Hong Kong’s stablecoin issuer sandbox.