ZKB's strategy aims to meet the growing demand for cryptocurrency services, particularly in regions like Asia, Africa, and the Middle East, and will integrate these services into its existing digital platforms.

The UAE's leadership in crypto adoption is further supported by a legal ruling that recognizes cryptocurrencies as valid payment methods in employment contracts.

Standard Chartered has received approval from the Dubai Financial Services Authority to offer crypto custody solutions in the UAE, marking a significant step in its digital asset strategy.

This new custody service will initially support Bitcoin and Ethereum, with plans to expand to a wider range of digital assets and explore opportunities in other financial hubs.

The custody solution will be powered by Zodia Custody, a joint venture focused on digital assets, enhancing security by managing private keys for users.

Standard Chartered's engagement in the digital asset space includes partnerships with Animoca Brands and Crypto.com, showcasing its commitment to expanding its crypto offerings.

The UAE is recognized as a leading jurisdiction for crypto adoption, ranking first in Henley & Partners' Crypto Adoption Index 2024, which reflects its crypto-friendly environment.

The UAE's Securities and Commodities Authority and Dubai's Virtual Assets Regulatory Authority have signed a cooperation agreement to enhance regulatory cohesion in the country's crypto sector.

Zurich Cantonal Bank (ZKB) has also launched cryptocurrency trading and custody options, focusing on Bitcoin and Ethereum, in response to the increasing demand for crypto services in Switzerland.

Standard Chartered's custody service is developed in partnership with Brevan Howard Digital, further solidifying its position in the cryptocurrency market.

Gautam Sharma, CEO of Brevan Howard Digital, emphasized that Standard Chartered's credibility is significant for institutional adoption of digital assets.