Standard Chartered Brings Bitcoin and Ethereum Spot Trading to UAE Professional Investors
The multinational bank Standard Chartered has extended spot cryptocurrency trading capabilities to professional investors throughout the United Arab Emirates, with additional market access expansion on the horizon.
The London-based banking giant Standard Chartered has made Bitcoin (BTC) and Ether (ETH) trading available to affluent UAE-based clients who meet the qualifications for professional investor status.
Qualified investors now have the capability to execute trades of these digital assets directly through their current Standard Chartered banking accounts, according to Wednesday's announcement from the internationally operating financial institution.
To meet Standard Chartered's qualification standards, individual investors must possess a minimum of 4 million dirhams (approximately $1.1 million) in net assets, with their primary residence excluded from this calculation, while also demonstrating adequate investment expertise and knowledge or obtaining representation through a licensed financial entity.
Samir Subberwal, global head of wealth solutions, retail products, data and analytics at Standard Chartered, stated that digital assets are "moving into mainstream wealth conversations," noting that the bank's clientele increasingly seek the "security, trust and confidence that comes from investing through a regulated and trusted institution."
This expansion follows Standard Chartered's launch of cryptocurrency trading services for institutional clients in the UAE by more than a month, which took place in early September.
The bank is far from alone in broadening its digital asset service portfolio within the region. Just this past Monday, Payward, the parent organization of cryptocurrency exchange Kraken, secured VARA approval for delivering crypto services via its regional subsidiary. Additionally, in July, digital banking platform Revolut obtained in-principle approval from Dubai's VARA for the provision of cryptocurrency-related services.