Standard Chartered Adds Bitcoin, Ether Trading in UAE

Standard Chartered has expanded Bitcoin and Ether trading to professional investors in the United Arab Emirates, the London-headquartered bank announced. Eligible clients can trade the assets through their existing Standard Chartered accounts.

Individuals must have at least 4 million dirhams, or about $1.1 million, in net assets excluding their primary residence. They must also have sufficient investment knowledge and experience or be represented by a licensed entity.

The service gives qualified investors access to Bitcoin and Ether without requiring a separate cryptocurrency account. Standard Chartered launched a similar trading service for institutional clients in the UAE in early September.

Digital assets are “moving into mainstream wealth conversations,” according to Samir Subberwal, the bank’s global head of wealth solutions, retail products, data and analytics. He added that clients were seeking the security and confidence associated with investing through a regulated financial institution.

Other companies have expanded digital-asset services in the UAE. Payward, the parent company of cryptocurrency exchange Kraken, received approval from Dubai’s Virtual Assets Regulatory Authority on Monday to provide crypto services through its local entity. In July, neobank Revolut received in-principle approval from VARA to offer crypto-related services.