Standard Chartered to launch digital assets business in Dubai

UK-based bank Standard Chartered is set to expand its burgeoning digital assets capability to the Mena region.

It has signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on services for digital assets.

This will include a digital custody service based in the DIFC and an agreement to collaborate on the bank’s broader digital assets agenda via the DIFC’s Innovation Hub.

The MoU also includes a commitment from both parties to promote digital assets throughout the wider UAE economy.

Standard Chartered was one of the first mainstream banks to launch a digital custody service through its Zodia subsidiary.

Meanwhile, Dubai and the DIFC have repeatedly stated an ambition to develop Dubai and the UAE as a crypto hub for the region.

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