Southeast Asia’s largest bank, DBS, expands crypto business to meet “growing demand”

DBS, Southeast Asia’s largest bank, has announced a series of milestones for crypto trading. The brokerage received preliminary approval from the Monetary Authority of Singapore (MAS), the Central Bank of Singapore, and the crypto exchange will begin 24-7 to meet the growing demand for the cryptocurrency.

DBS sees” great interest among asset decks and companies ” in cryptocurrencies
DBS, Southeast Asia’s largest bank, made several statements on Thursday. First of all, under the ownership of the bank, DBS Vickers (DBSV) received approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act) and digital payment tokens services, “ the primary payment institution.”

As one of the first financial institutions to receive such approval, DBS is currently working to meet the Central Bank’s full licensing requirements, the company has developed:

After obtaining a license, DBSV, as a member of the DBS Digital Exchange (Ddex), can directly support asset managers and companies to trade their digital payment money through Ddex.

Second, DBS Bank announced that the crypto exchange will run “around the clock” from August 16.”At the moment, the stock market is only working on Asian trading hours to improve processes and protocols.

The bank also noted that crypto exchange, an exchange only for corporate and accredited investors, had “gained good momentum since its launch” at the end of last year. In May, the bank said the volume of currency crypto trading increased 10-fold. The same month, the company also launched a trust service for cryptocurrencies.

The DBS digital exchange currently offers trading services between four Fiat currencies (SG Dec, USD, HKD and JPY) and four cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and XRP.

Bank explained:

By the end of June 2021, about 400 investors had the opportunity to trade in DDEX. DDEX fixed near 180 mil SGD

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