DBS wins regulatory acceptance in Singapore for crypto payment expert services

Singapore’s largest lender, DBS Bank, has expanded its scope of supported cryptocurrency products and services by scoring another regulatory approval.

DBS Bank’s brokerage arm, DBS Vickers (DBSV), has been given in-theory acceptance from the Monetary Authority of Singapore (MAS) to deliver digital payment token expert services as a payment institution, the business formally declared Thursday.

The acceptance is granted beneath Singapore’s Payment Expert services Act, paving the way for DBSV’s payment license. After accredited, the company will be ready to straight aid asset administrators and businesses trading in electronic payment tokens through DBS Bank’s cryptocurrency-enabled trade, DBS Digital Exchange (DDEx).

In conjunction with the MAS acceptance announcement, DBS also disclosed that DDEx will start running 24/7 starting off up coming Monday, permitting investors to trade on the system at any time. The trade to begin with operated only all through Asian buying and selling hours, the business reported. Launched in late 2020, DDEx supports investing of big cryptocurrencies this sort of as Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Funds (BCH), targeting only institutional traders.

Eng-Kwok Seat Moey, team head of funds markets at DBS Lender, mentioned that the enterprise has been observing growing demand from customers amid corporates and asset professionals for electronic payment token providers. “This could include to DDEx’s volumes in the coming months, and, coupled with DDEx going operational spherical-the-clock, help accelerate growth for DDEx,” he pointed out.

Relevant: 43% of Singaporeans very own crypto, in accordance to Independent Reserve survey

DBS Financial institution has been actively extending its array of supported digital asset-linked solutions immediately after placing up a crypto trade final December. In May well, DBS Private Bank introduced a cryptocurrency believe in solution by way of its thoroughly-owned believe in firm DBS Trustee. It beforehand declared that it had posted tenfold quantity growth on its cryptocurrency exchange in the initial quarter of 2021.

The newest news will come shortly right after the MAS issued the initially in-basic principle approval for Australian crypto trade Impartial Reserve previous week, enabling the organization to function as a fully controlled electronic asset service service provider.