- The DBS Digital Exchange platform is widely provided by the Bank.
- Eligible clients can trade Ether, .
- The move comes amid heightened regulatory tensions in Singapore
Singapore’s largest bank, DBS Group (OTC:) Holdings Ltd. , welcomes new clients to a member-exclusive cryptocurrency trading service. The statement states that the move is in response to the growing trend of self-directed investment strategies among the bank’s wealthy clients.
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 needs investable assets of S$350,000 (US$246,000).
About 100,000 Singaporeans will be able to access the services with a minimum investment of $500. Until recently, only corporate and institutional investors, family offices, DBS Private Bank and DBS Treasures Private Clients could benefit from the service.
According to the bank, the number of transactions on the digital exchange increased by about four times between April and June, and the amount of bitcoin purchased increased by almost the same amount.
This isn’t the first pro-crypto gesture from DBS in recent months. Piyush Gupta, CEO of DBS since 2009, said earlier this month that the recent decline in the value of cryptocurrencies suggests that established and regulated financial institutions, rather than just start-ups, should offer products like digital asset trading to retail investors.
In this note, Gupta added that DBS should support Singapore’s initiative to develop cutting-edge financial technology.
However, the situation for the retail cryptocurrency market in Singapore is somewhat different. In August, the managing director of the Monetary Authority of Singapore, Ravi Menon, indicated that the agency would restrict retail access to cryptocurrency and investigate “further measures to limit consumer harm.”
However, Menon reaffirmed MAS’s confidence in the “transformative” economic potential of the larger digital asset ecosystem, which includes tokenized digital issuance of traditional assets.
The largest bank in Singapore to expand Cryptocurrency debuted in Coin issuance.