Standard Chartered has announced that it has obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA) and will launch cryptocurrency trading services in the UAE, positioning itself to become the first international bank in the country to offer such services.
The first phase of services will target professional investors in the UAE, allowing eligible clients to buy and sell Bitcoin and Ethereum directly through their existing Standard Chartered bank accounts, without needing to open a separate digital wallet or use a third-party trading platform. Standard Chartered plans to integrate trading, custody, and settlement into the bank's internal systems and gradually expand related services to other markets in the future.
First Phase Targets Professional Investors, Enabling Direct Bitcoin and Ethereum Trading via Bank Accounts
Standard Chartered stated that the newly obtained license was issued by the Dubai Virtual Assets Regulatory Authority, permitting it to provide cryptocurrency trading services to eligible clients. Initially, the service will only be available to professional investors in the UAE and will support two crypto assets: Bitcoin and Ethereum. Compared to traditional cryptocurrency trading methods, eligible clients will not need to open accounts on independent trading platforms or manage external digital wallets themselves; instead, they can directly buy and sell crypto assets through their existing Standard Chartered bank accounts. Standard Chartered plans to gradually explore expanding the service to other markets after officially launching the relevant business in the UAE. Rola Abu Manneh, CEO of Standard Chartered for the UAE, Middle East, and Pakistan region, stated that the UAE has taken a proactive policy stance on digital asset innovation and possesses a well-developed regulatory environment, making it the chosen launch market for this service.
Trading, Custody, and Settlement Completed Within the Banking System, Reducing Third-Party Platform Risks
The newly launched cryptocurrency trading service adopts what Standard Chartered calls a "Closed-loop Model." Under this arrangement, clients' cryptocurrency transactions will be executed within the bank's internal systems, and the custody and settlement of related assets will also be handled by the bank, without relying on external digital wallets or third-party trading platforms for key transaction processes. Standard Chartered stated that this model can reduce the risks clients face related to third-party wallets and integrates trade execution, liquidity support, asset custody, and client account services into a unified system. The related services were jointly developed by Standard Chartered's Wealth and Retail Banking division and its Corporate and Investment Banking division, with technical and business support from Zodia Markets. Zodia Markets is backed by SC Ventures, Standard Chartered's venture capital arm, and is an important component of Standard Chartered's digital asset business ecosystem. Samir Subberwal, Global Head of Wealth Solutions, Retail Products, Data and Analytics at Standard Chartered, stated that client demand for digital assets is no longer limited to gaining trading access; clients increasingly value the security and trust that come from investing through regulated financial institutions.
Expanding from Crypto ETFs to Spot Trading, Standard Chartered Enhances Its Digital Asset Service System
Prior to obtaining this trading license, Standard Chartered had already provided clients with access to cryptocurrency market investments through traditional financial products. Currently, Standard Chartered clients can invest in cryptocurrency exchange-traded funds (ETFs) through the bank's cash equity trading platform, and eligible clients can also gain exposure to crypto asset markets through structured products and over-the-counter derivatives. The launch of direct Bitcoin and Ethereum trading services will further expand the ways clients can participate in crypto asset markets. Compared to gaining indirect cryptocurrency price exposure through ETFs or derivatives, the new service allows clients to directly buy and sell related crypto assets, with the bank responsible for custody and settlement. Standard Chartered stated that this service is part of the group's broader digital asset business, which covers areas including asset custody, trading, and tokenization. Additionally, Standard Chartered's SC Ventures is expanding the group's footprint in digital asset trading infrastructure and tokenization services through companies such as Zodia Markets and Libeara.
UAE Becomes Launch Market for Digital Asset Services, Standard Chartered Plans Gradual Business Expansion
The UAE is one of Standard Chartered's four major global wealth management hubs and serves as the launch market for the bank's cryptocurrency trading services. In recent years, the UAE has continued to promote the development of the digital asset industry and has established relevant business licensing and regulatory frameworks through dedicated regulatory agencies. Standard Chartered's acquisition of the VARA license enables it to incorporate cryptocurrency trading into the traditional banking service system under the local regulatory framework. For Standard Chartered, launching direct crypto asset trading services helps further integrate wealth management, corporate and investment banking, and digital asset infrastructure businesses, providing existing clients with more investment and asset management options. The primary significance of this license approval lies in Standard Chartered's ability to offer cryptocurrency spot trading to professional investors through existing bank accounts and to integrate trade execution, custody, and settlement into the regulated banking system. As the business takes root in the UAE, Standard Chartered also plans to gradually extend related services to other markets.
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