Standard Chartered, the prominent emerging markets bank, announced the launch of its digital asset custody services in the United Arab Emirates (UAE) on Tuesday. The first client to utilize the new service is Brevan Howard Digital, the crypto and digital asset division of the renowned British hedge fund, Brevan Howard.
The bank’s decision to introduce the service in the UAE stems from the country’s “well-balanced approach to digital asset adoption and financial regulation,” a spokesperson explained.
“Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” said Gautam Sharma, CEO of Brevan Howard Digital.
The UAE has been actively wooing leading crypto firms, successfully attracting Binance and OKX, among others. The country’s push to develop clear and comprehensive virtual asset regulation aims to draw new businesses in the face of increasing economic competition within the Gulf region.
Moreover, the UAE has become a magnet for large hedge funds, including Brevan Howard, which opened its Abu Dhabi office in February 2023. Other industry giants such as Millennium Management, ExodusPoint Capital Management, and BlueCrest have also established a presence in the region.
