DBS Bank Receives "In-Principle Approval" from Singapore Government, DBS Vickers to Offer Crypto Services
Singapore's DBS Bank subsidiary brokerage firm, DBS Vickers, has been granted in-principle approval by the Monetary Authority of Singapore (MAS) to start offering crypto services to asset management companies and corporations. This makes it the second financial institution after the cryptocurrency exchange Independent Reserve to receive in-principle approval from the Monetary Authority of Singapore.
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Singapore's DBS Vickers, a brokerage firm under the DBS Bank, has received in-principle approval from the Monetary Authority of Singapore (MAS) to start offering crypto services to asset management companies and corporations. This makes it the second financial institution in Singapore to receive in-principle approval from MAS, following the crypto exchange Independent Reserve.
Since January 2020, the Monetary Authority of Singapore has officially implemented the Payment Services Act, which categorizes all digital currency exchanges, wallets, and OTC platforms as payment token service providers. This includes services related to cryptocurrencies like Bitcoin and Ethereum. They are required to comply with anti-money laundering regulations and apply for the necessary licenses to operate legally.
DBS Bank stated that as one of the first financial institutions to receive approval from MAS, it will be able to offer digital payment and trading services through its digital exchange, DDex, upon receiving the license. Previously, DDex only operated during Asian trading hours, but it will now operate round the clock.
DBS Bank has previously issued digital bonds worth 15 million SGD (approximately 11.3 million USD) through DDex, which was completed via private placement in May.
Eng-Kwok Seat Moey, Head of Capital Markets Group at DBS Bank, mentioned that in the 6 months since the launch of DDex in 2020, the bank has made steady progress in its digital asset ecosystem. "We have seen a strong interest from asset management companies and corporations in digital payment tokens," he said.
This article is authorized to be republished from Horizon News Network
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