In a landmark decision, DBS has received regulatory approval to offer banking services for bitcoin and other digital currencies. The move marks the first time that a commercial bank in Singapore has issued a license for such purposes. The bank’s CEO, Goh Yeo Hong, said in a press release that the decision was intended to help the country retain its competitive edge as a global center for financial services. The bank expects to start offering cryptocurrency services in the second half of the year.

The Monetary Authority of Singapore (MAS) has granted its first authorisation to a participant in the financial services industry for the provision of crypto-currency payment services, marking the next step in regulating fintech in the country.

DBS Crypto, Singapore’s largest pay and settlements bank, has won regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital currency transactions to its customers. The bank, which is the first bank in Asia to receive MAS approval, plans to offer two cryptocurrency exchange services to its customers:. Read more about is cryptocurrency legal and let us know what you think.

DBS wins regulatory approval in Singapore for crypto payment services

 

DBS Bank, Singapore’s biggest bank, has added another regulatory clearance to its list of approved bitcoin services.

The Monetary Authority of Singapore (MAS) has given DBS Vickers (DBSV) in-principle permission to offer digital payment token services as a payment institution, the firm formally stated Thursday.

The permission is made possible by Singapore’s Payment Services Act, which allows DBSV to get a payment license. Once approved, DBS Bank’s cryptocurrency-enabled exchange, DBS Digital Exchange, will be able to directly assist asset managers and businesses dealing in digital payment tokens (DDEx).

DBS also announced that, beginning next Monday, DDEx would be open 24 hours a day, seven days a week, enabling investors to trade on the platform at any time. According to the business, the exchange originally only functioned during Asian trade hours. DDEx, which launched in late 2023, allows institutional investors to trade major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH).

DBS’s global head of capital markets, Eng-Kwok Seat Moey, said that the firm has seen an increase in demand for digital payment token services from corporations and asset managers. “This may boost DDEx’s volumes in the coming months, and, along with DDEx’s new round-the-clock operation, assist accelerate DDEx’s growth,” he said.

According to a study conducted by the Independent Reserve, 43% of Singaporeans hold cryptocurrency.

Following the establishment of a crypto exchange in December, DBS Bank has been aggressively expanding its range of supported digital asset-related services. DBS Trustee, DBS Private Bank’s wholly-owned trust business, introduced a bitcoin trust service in May. In the first quarter of 2023, the company announced a tenfold increase in volume on its cryptocurrency exchange.

The latest announcement comes after the MAS granted Independent Reserve, an Australian crypto exchange, its first in-principle permission last week, enabling it to operate as a fully regulated virtual asset service provider.

This article broadly covered the following related topics:

  • is cryptocurrency legal
  • what is crypto trading
  • future of cryptocurrency 2023
  • why is cryptocurrency valuable
  • how do i start crypto trading?
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