UAE based Standard Chartered offers crypto trading through licenses from both VARA Dubai and DIFC
Standard Chartered (“the Bank”) is now licensed by two bodies in the UAE to offer crypto trading solutions, the first license granted by DIFC in September offered Institutional Bitcoin and Ether spot trading in the UAE, regulated under DFSA in DIFC, and now the second license granted by VARA (Virtual Assets Regulatory Authority) enables affluent clients to also access digital assets or crypto through the Bank’s platform.
So in the first instance with the license from DFSA in DIFC, Standard Chartered became the first G-SIB bank to offer this not only globally but in the GCC and MENA region. Standard Chartered is able to offer both crypto spot trading for Bitcoin and Ethereum as well as custodial services.
With the latest license from VARA Dubai affluent clients and high net worth investors will have access to crypto through the Bank’s platform to diversify their portfolios. Standard Chartered wants to offer crypto in a trusted and regulated banking environment.
The solution regulated by VARA will entail collaboration of Standard Chartered, Bank’s Wealth and Retail Banking (WRB) and Corporate and Investment Banking (CIB) businesses, alongside SC Ventures-backed Zodia Markets, and regulated by the Virtual Assets Regulatory Authority (VARA), the solution seamlessly integrates institutional-grade custody, liquidity, and client access within a single, end-to-end digital asset ecosystem.
Just like with its DIFC license, eligible clients will be able to buy and sell Bitcoin and Ethereum through their bank accounts with transactions being executed within the Bank’s ecosystem with no need for seperate wallets, or any third part platforms like crypto exchanges.
In the latest license, Samir Subberwal, Global Head, Wealth Solutions, Retail Products, Data & Analytics, Standard Chartered, noted that the launch represents a significant milestone because the bank is bringing digital assets into their core wealth offering as digital assets are moving mainstream.
The bank plans to expand the offering into other markets over time.
Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan, Standard Chartered, added that the UAE was a natural choice because of its innovative and strong regulatory environment. She adds, “This launch builds on the Bank’s existing capabilities, which include access to cryptocurrency ETFs through its cash equities trading platform, as well as enabling eligible clients to access cryptocurrency market exposure through structured products and OTC derivatives.”
VARA also reiterated the license to Standard Chartered in a LinkedIn post stating the bank will be offering the service to professional investor clients in the UAE.
VARA also noted that the development reflects the growing convergence of traditional banking and digital asset markets, and reinforces Dubai’s position as a jurisdiction supporting responsible financial innovation.
