DBS Bank has unveiled its plan to expand its crypto services in Hong Kong
The Straits Times reported on Monday that DBS Group Holdings intends to submit an application for a license to provide Hong Kong consumers with cryptocurrency trading services.
DBS, which has its headquarters and is publicly traded in Singapore, is the biggest bank in Southeast Asia and operates in 18 markets.
The CEO said that DBS will be among the institutions interested in taking part if the rules surrounding crypto assets in Hong Kong are clear and the bank “understands exactly the framework.” He said that even though DBS is aware of the dangers posed by digital assets, the bank supports Hong Kong’s most recent regulation change.
At the moment, Hong Kong is looking to draw enterprises involved in digital assets. Financial Secretary Paul Chan Mo-po reiterated the city’s ambition to developing into a crypto powerhouse in January. The Hong Kong government is considering giving more access for ordinary investors to trade in cryptocurrencies and crypto exchange-traded funds, in contrast to China’s anti-crypto position (ETFs).
In late 2020, DBS opened a full-service bitcoin exchange in Singapore for institutional and corporate investors. The bank introduced a crypto trust service after noticing an increase in trading activity, which was followed by its initial security token issue. DBS cited “increasing demand” as a reason to keep growing its cryptocurrency business.
The bank launched a self-directed cryptocurrency trading service after receiving a license to do so from the Monetary Authority of Singapore (MAS) in October 2021. DBS also joined the metaverse in September of last year.
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