DBS wins regulatory approval in Singapore for crypto cost companies


Singapore’s largest financial institution, DBS Financial institution, has expanded its scope of supported cryptocurrency companies by scoring one other regulatory approval.

DBS Financial institution’s brokerage arm, DBS Vickers (DBSV), has acquired in-principle approval from the Financial Authority of Singapore (MAS) to supply digital cost token companies as a cost establishment, the corporate formally introduced Thursday.

The approval is granted below Singapore’s Fee Companies Act, paving the best way for DBSV’s cost license. As soon as licensed, the agency will be capable to immediately help asset managers and corporations buying and selling in digital cost tokens by DBS Financial institution’s cryptocurrency-enabled alternate, DBS Digital Trade (DDEx).

At the side of the MAS approval announcement, DBS additionally disclosed that DDEx will start working 24/7 beginning subsequent Monday, permitting traders to commerce on the platform at any time. The alternate initially operated solely throughout Asian buying and selling hours, the corporate mentioned. Launched in late 2020, DDEx helps buying and selling of main cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Money (BCH), concentrating on solely institutional traders.

Eng-Kwok Seat Moey, DBS’s group head of capital markets, mentioned that the corporate has been seeing rising demand amongst corporates and asset managers for digital cost token companies. “This might add to DDEx’s volumes within the coming months, and, coupled with DDEx going operational round the clock, assist speed up development for DDEx,” he famous.

Associated: 43% of Singaporeans personal crypto, in response to Unbiased Reserve survey

DBS Financial institution has been actively extending its vary of supported digital asset-related companies after establishing a crypto alternate final December. In Might, DBS Personal Financial institution launched a cryptocurrency belief resolution through its fully-owned belief firm DBS Trustee. The beforehand introduced that it posted tenfold quantity development on its cryptocurrency alternate within the first quarter of 2021.

The most recent information comes shortly after the MAS issued the primary in-principle approval for Australian crypto alternate Unbiased Reserve final week, permitting the agency to function as a completely regulated digital asset service supplier.