The financial institution has received the appropriate permission from the local regulatory authority.
The largest bank in Singapore-DBS Bank-has received permission from local regulators to provide asset management companies and other participants in the crypto services market. This is written by CoinDesk.
The brokerage division of DBS Bank will be engaged in providing crypto services to market participants. The company was able to organize work in a new direction thanks to the permission of the Monetary Authority of Singapore (MAS).
According to media reports, the financial institution will work with digital assets of clients on the basis of its DBS Digital Exchange (DDex) crypto exchange. The platform has all the services necessary for conducting transactions with cryptocurrencies.
A few months earlier, DBS Bank launched a cryptocurrency trust based on bitcoin, Ethereum, Bitcoin Cash and XRP. To work with assets, the developers also offered DDex to market participants.
In early August 2021, in an interview with CNBC, the head of DBS Bank, Piyush Gupta, explained the company's interest in working with new technologies with extensive monetization opportunities for products built on their basis.
DBS top manager Kwok Siet noted that the company's decision to provide crypto services is dictated by the growing interest of market participants in digital assets.
Recall that recently there was information on the network that Israel has displaced Singapore from the third place in the Global Fintech rating.
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