The Bank of Singapore is a global bank. As well as financial institutions, DBS Bank plans to make its crypto trading services available to the general public.
The following are the most important takeaways.
Consumers will be able to trade cryptocurrencies with DBS Bank by the end of the year, which is Singapore’s largest bank.
According to CEO Piyush Gupta, the company intends to build a crypto exchange open to all customers 24 hours a day, seven days a week.
Currently, the company’s crypto services can only be accessed by institutional investors.
Singapore’s DBS Bank will soon allow retail customers to trade cryptocurrencies.
Singapore’s largest bank, DBS, plans to offer retail customers access to crypto trending by the end of the year, according to CEO Piyush Gupta on Monday’s earnings call.
We are in the early stages of expanding beyond the current investor base,” Gupta said. Before the end of the year, we need to finish a lot of work on suitability and fraud prevention.”
Institutional customers are the only ones who can currently make use of the bank’s crypto trading services. To buy cryptocurrencies, customers must call the bank. According to Gupta, a 24-hour digital asset exchange is in the works.
The MAS has rejected or withdrawn the applications of more than 100 companies since then. When the MAS approved cryptocurrency trading services in 2021, DBS was one of the first institutions to get the go-ahead. As of March 2019, more than 170 crypto companies had applied for a Digital Payment Token License from MAS, but around 100 of them have either withdrawn their applications or been rejected by the agency.
MAS warned investors in December that Binance, the world’s largest crypto exchange, was unlicensed and could be in violation of Japan’s Payment Services Act, so the firm withdrew its licensing application.
DBS Bank is permitted to provide retail customers with crypto trading services under the terms of its Digital Payment Token License, but it is prohibited from marketing those services. It was in January that the MAS issued guidelines to discourage people from trading in cryptocurrencies, and they have since been updated. According to the new guidelines, trading services can’t be advertised in public places, nor can they be promoted via social media influencers.
As cryptocurrency trading volume increased last year, it is not surprising that DBS Bank has decided to expand its crypto services to serve the retail market. There was an increase in crypto trading volume in 2021 of $1.1 billion, with $585.5 million of that total concentrated in the fourth quarter.