DUBAI, Sept 10 (Askume) – Standard Chartered Bank said on Tuesday it has begun offering digital asset custody services in the United Arab Emirates, with Brevan Howard Digital, the British hedge fund’s crypto and digital assets unit, as its first client.
The bank, which focuses on emerging markets, said it operates in the country because of its “balanced approach to digital asset adoption and financial regulation.”
Gautam Sharma, CEO of Brevan Howard Digital, said in a joint statement: “Standard Chartered’s global reputation and commitment to the industry adds credibility, which is crucial for institutional adoption.
The UAE is working to attract some of the world’s largest cryptocurrency companies, including attracting business from Binance, OKEx and others. As economic competition in the Gulf region continues to intensify, the region is also trying to create virtual asset regulations to attract new forms of business.
It has also successfully attracted large hedge funds, including Brevan Howard (which opened an office in Abu Dhabi last February), Millennium Management, ExodusPoint Capital Management and BlueCrest.
Standard Chartered is one of several banks expanding into cryptocurrencies as more institutional investors adopt the asset class. It is a backer of two cryptocurrency companies, Zodia Markets and Zodia Custody, which offer clients a wide range of services including custody and trading.
