Standard Chartered Launches Bitcoin and Ethereum Trading for UAE's Affluent Clients

Standard Chartered has announced the launch of a cryptocurrency trading solution specifically designed for its affluent clients in the United Arab Emirates. This innovative service enables clients to buy and sell Bitcoin and Ethereum directly through their existing bank accounts, utilizing a closed-loop system with institutional custody.

This offering is notable as it represents the first cryptocurrency trading service provided by an international bank in the UAE, regulated by the Virtual Assets Regulatory Authority (VARA). The service is initially available to Professional Investor clients, with plans to expand to other markets in the future.

Samir Subberwal, Global Head of Wealth Solutions at Standard Chartered, emphasized the growing interest in digital assets among clients, stating that there is an increasing demand for both access and the security that comes from investing through a regulated institution. Rola Abu Manneh, CEO for UAE, Middle East, and Pakistan at Standard Chartered, highlighted the strategic importance of the UAE as a global wealth hub and its forward-looking approach to innovation and regulation.

Standard Chartered's new service builds on its existing crypto offerings, which include access through ETFs, structured products, and OTC derivatives. The bank has been expanding its cryptocurrency-related services globally, having previously launched a trading desk for cryptocurrencies in London and offering crypto custody services in various regions, including Singapore and Luxembourg.