- The bank is making the DBS Digital Exchange platform more widely available.
- Qualifying customers can use , , ether and .
- The move comes amid rising regulatory tensions in Singapore
The largest bank in Singapore, DBS Group (OTC:) Holdings Ltd., is reportedly welcoming new clients to its exclusive members-only cryptocurrency trading service. The press release said the move was in response to the growing trend toward self-directed investment strategies among the bank’s affluent clientele.
DBS Digital Exchange now supports trading of tokens such as Bitcoin, Bitcoin Cash, Ether and XRP for accredited investors in the DBS Treasures segment, which requires investable assets of S$350,000 ($246,000).
Approximately 100,000 Singapore residents will have access to the services with a minimum investment of US$500. Until recently, only corporate and institutional investors, family offices, clients of DBS Private Bank and DBS Treasures Private Client could use the service.
According to the bank, the number of trades on the digital exchange roughly quadrupled between April and June, and the amount of bitcoin purchased has increased almost as much.
This isn’t DBS’s first pro-crypto gesture in recent months. Piyush Gupta, CEO of DBS since 2009, said earlier this month that the recent fall in the value of cryptocurrencies suggests that established and regulated financial institutions, and not just start-ups, should offer products like digital asset trading to retail investors.
In this regard, Gupta added that DBS must support Singapore’s initiative to develop cutting-edge financial technology.
However, the situation for the retail crypto market in Singapore is a bit different. In August, the executive director of the Monetary Authority of Singapore, Ravi Menon, indicated that the agency would limit retail access to cryptocurrencies and explore “further measures to reduce consumer harm.”
However, Menon reiterated MAS’ confidence in the “transformative” economic potential of the larger ecosystem of digital assets, which includes tokenized digital versions of conventional assets.
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