Summary
- Standard Chartered said it has launched a service in the UAE that allows clients to directly buy and sell Bitcoin and Ether through their existing accounts.
- The initial service is limited to high-net-worth individuals in the UAE classified as professional investors.
- The service operates in a closed-loop structure approved by Dubai's Virtual Assets Regulatory Authority (VARA) and is the first cryptocurrency trading service by a global bank in the UAE.
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Standard Chartered has launched a service in the United Arab Emirates that allows clients to trade cryptocurrencies directly.
The bank said on Oct. 14 that UAE clients can now buy and sell two cryptocurrencies — Bitcoin and Ether — through their existing Standard Chartered accounts. The initial service is limited to high-net-worth individuals in the UAE classified as professional investors.
Crypto trading, custody and settlement will be handled within Standard Chartered's own system in a closed-loop structure. That means clients do not need a separate crypto wallet or an external trading platform.
Standard Chartered recently received approval from Dubai's Virtual Assets Regulatory Authority, or VARA, to launch the service. It said the offering is the first time a global bank has provided cryptocurrency trading services in the UAE.
Separately, Standard Chartered launched spot Bitcoin and Ether trading for institutional investors through its UK entity in July last year.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul