Singapore’s DBS Bank Expands Cryptocurrency Offering To Customers
Despite the crypto bear market, Singapore’s largest bank, DBS, plans to expand its cryptocurrency and digital asset offerings to 300,000 new clients.
DBS CEO Piyush Gupta stated that individual investors’ recent losses in the crypto market show the need for established financial institutions to enter the digital asset services area.
According to the Financial Times, DBS’s brokerage arm got a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year and has since limited access to its digital exchange to less than 1,000 institutional and rich clients by invitation.
According to Gupta, DBS’s cryptocurrency services will soon be available to the bank’s 300,000 Asian clients, which include private banks, accredited investors, other exchanges, and funds.
Gupta said that DBS could place “guardrails” and protections that will lead to “better outcomes” for investors:
“People look to us to be a pioneer in the space and to continue to push boundaries.”
Temasek, Singapore’s state investment organization, owns over 30% of DBS, but the bank’s expansion aspirations come after a difficult year in Singapore’s crypto ecosystem, with crypto companies such as Three Arrows Capital declaring bankruptcy.
Gupta told the Financial Times about the issues Singapore’s crypto regulators face:
“On the one hand, we want to be a global crypto hub. On the other hand, we’re also very worried about our domestic population getting burned with this speculative asset class.”
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