Singapore’s Largest Bank, DBS Bank Withdraws Crypto Services Plans to Retail Clients

Piyush Gupta, CEO of Singapore’s largest bank, DBS Bank, has stated that his company will not offer cryptocurrency trading services to retail clients in the “near future.” The announcement runs contrary to the company’s earlier plans to provide such opportunities.

In February this year, DBS Bank announced it will offer crypto trading to its retail consumers by the end of 2022. The bank specifically wanted to make the system more accessible by allowing for instant online deposits and transactions without the use of agents. But then the bank has made a U-turn in a recent interview, the CEO of DBS Bank stated local regulators are “rightfully concerned” about allowing digital asset services in the retail sector.

“But I’m not holding my breath. I don’t think the environment will allow us to make it available to retail anytime in the immediate future.”

Chief Executive Officer, Piyush Gupta

In any case, Gupta remained bullish on the future of cryptocurrencies, predicting that “sooner or later” they will become a vital part of the financial network:

“Left to ourselves, as I have said before, I think over time, digital currencies and crypto assets are going to be pervasive. And therefore, sooner or later, I think the world will have to come to terms with this as an asset class.”

A few weeks ago, the top executive expressed his excitement for crypto, defining the asset class as an alternative to gold and its role in the present monetary system. Gupta, on the other hand, argued that, for the time being, the volatility of the crypto market prevents digital assets from becoming “money as we know it:”

“The other big challenge is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you. Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”

DBS’s CEO, like many other experts, has called for worldwide regulation of the sector. According to him, central banks should be in charge of developing the regulatory framework. Gupta also discussed the benefits of cryptocurrency’s backbone, blockchain technology.

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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