Crypto News: Standard Chartered to Expand Digital Asset Custody to Singapore

• Standard Chartered plans to offer custody in Singapore for selected cryptocurrencies, stablecoins and tokenized real-world assets.

• The service is subject to regulatory requirements.

• It would be available to institutional clients and accredited investor corporate clients.

• It would sit within the bank's financing and securities-services business, not as a retail crypto product.

• The bank's digital asset business already reaches the UAE, Luxembourg and Hong Kong.

• The bank did not say which assets the service will support or when it will begin.

Standard Chartered plans to offer custody in Singapore for selected cryptocurrencies, stablecoins and tokenized real-world assets, the bank said Thursday. It's the latest crypto news from the institutional side of the market.

The service remains subject to applicable regulatory requirements.

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Standard Chartered's Singapore Custody Plan at a Glance

Key points from the announcement:

• Location: Singapore

• Assets covered: selected cryptocurrencies, stablecoins and tokenized real-world assets

• Clients: institutional clients and accredited investor corporate clients

• Business unit: financing and securities-services business

• Status: subject to applicable regulatory requirements

• Start date and asset list: not disclosed

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Main News: Custody Expands to Singapore

Standard Chartered's plan expands a digital asset business that already reaches the United Arab Emirates (UAE), Luxembourg and Hong Kong. The announcement covers stablecoins and tokenized assets alongside crypto.

The service would not operate as a retail crypto product.

Who the Custody Service Is For

The bank said the service would be available to institutional clients and accredited investor corporate clients.

In Singapore, the planned custody service would support clients across the wider asset lifecycle. That runs from safeguarding traditional assets to issuing and holding tokenized versions of those assets.

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Standard Chartered's Digital Asset Footprint

The bank has been building the business through its custody arm, Zodia.

• May: Standard Chartered agreed to acquire the rest of Zodia Custody, a firm it founded with Northern Trust.

• Last month: the bank began offering institutional spot bitcoin and ether trading through its Dubai branch's foreign-exchange platform.

What the Announcement Did Not Say

The announcement did not identify which crypto assets, stablecoins or tokenized products the service will support. It also did not say when the service will begin.

Crypto Market Snapshot

Prices from the CoinDesk market ticker alongside the report:

• Bitcoin (BTC): $83,061.17 (-0.93%)

• Ethereum (ETH): $2,566.47 (-1.26%)

• XRP: $1.42 (-2.72%)

• Solana (SOL): $115.12 (-2.29%)

• CoinDesk 20 (CD20): $2,380.11 (-1.47%)

Summary: Crypto News Today

Standard Chartered plans to offer digital asset custody in Singapore for selected cryptocurrencies, stablecoins and tokenized real-world assets. The service targets institutional and accredited investor corporate clients.

• Scope: crypto, stablecoins and tokenized real-world assets

• Clients: institutional and accredited investor corporate clients

• Existing reach: UAE, Luxembourg and Hong Kong

• Zodia Custody: the bank agreed in May to acquire the remainder

• Details not yet given: supported assets and start date

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