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Have you heard that Standard Chartered debuts Bitcoin and Ethereum in the UAE? The institution has just launched a digital asset storage service, which is good news for UAE residents. Let’s explore what it has in store and how it will significantly boost cryptocurrency growth in Emirati territory.
Secure Storage for Digital Assets
Standard Chartered, the world’s most renowned financial institution, launched two popular cryptocurrencies in the UAE. With a license from the Dubai Financial Services Authority (DFSA) and a memorandum of understanding signed in May 2023, this custody service is based within the Dubai International Financial Centre (DIFC).
It provides digital asset storage with fool-proof security. Indeed, the news of the launching of Bitcoin and Ethereum is reason to be happy. The custody service aims to expand to other cryptocurrencies shortly.
First Client and Expansion Plans
Brevan Howard, a specialised business in cryptocurrency and digital assets, collaborated with Standard Chartered to enable the service and served as the product’s first client/customer.
Remember, the custody service is only available for Bitcoin and Ethereum due to their dominant market position. The bank plans to add support for additional cryptocurrencies in other financial hubs shortly. Other supporters of this move include Bill Winters, Margaret Harwood-Jones, and Gautam Sharma.
Growing Institutional Demand
The historic launch of Bitcoin and Ethereum in the UAE represents cryptocurrency’s growing regional demand. Standard Chartered realises this reality and has faith that cryptocurrencies are not a facade but the need of the hour in reshaping the future of finance.
The UAE is known for its forward-thinking attitude toward digital banking. Moreover, the Emirati nation is appealing due to its legal framework and regulatory environment. In this matter, Standard Chartered and DFSA thought it was an ideal location to launch this storage service. People and institutions want to make and trade money with digital assets.
Institutional Adoption of Crypto
The UAE ranks third in the global index of digital asset adoption. The launch of Bitcoin and Ethereum in the UAE symbolises increased institutional crypto adoption as an authentic investment. The concept also draws institutions' attention, and Standard Chartered comes first. It works day and night to expand further its offerings, such as establishing a Bitcoin and Ethereum trading desk for investors.
UAE Policies Drive Crypto Adoption Growth
There is no denying that the Emirati nation and its beliefs speed up the crypto adoption process in the zone. Some laws skyrocket the idea. The policies made accepting digital assets accessible, and they put effort into launching the two most well-known cryptocurrencies.
Conclusion
Standard Chartered has proved a supporting system for spreading cryptocurrency adoption in the UAE by launching BTC and ETH. The time is near when the UAE will become the world’s leading hub offering services in cryptocurrency transactions and blockchain technologies.
