DUBAI: Standard Chartered said on Tuesday it had begun offering digital asset custody services in the United Arab Emirates, with Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, as an inaugural client.

The emerging markets focused bank said it launched the business in the country because of its “well-balanced approach to digital asset adoption and financial regulation”.

“Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” Brevan Howard Digital’s CEO Gautam Sharma said in a joint statement.

The UAE has been working hard to attract some of the world’s biggest crypto firms, luring business from Binance, OKX, among others. It has also been trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.

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It has also managed to attract big hedge funds including Brevan Howard, which is established its office in Abu Dhabi in February last year, Millennium Management, ExodusPoint Capital Management and BlueCrest.

Standard Chartered is among several banks that have been extending their foray into the crypto sector as more institutional investors adopt the asset class. It is a backer of two crypto firms, Zodia Markets and Zodia Custody, which provide clients a broad range of services including custody and trading.