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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.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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