Standard Chartered is opening a new entity in Luxembourg after obtaining approval to offer digital asset custody services in the European Union.

Standard Chartered has secured a crypto custody license in Luxembourg. The Luxembourg office will serve as Standard Chartered’s entry point into the EU. As traditional

British bank Standard Chartered is offering more digital asset services, this time with crypto custody for EU clients.

Standard Chartered revealed that it obtained regulatory approval in Luxembourg to offer digital asset custody services. The financial institution said the Luxembourg hub will serve as its regulatory entry point to the EU market.