DBS receives government approval for crypto payment services in Singapore

Singapore’s largest financial institution, DBS Bank, has expanded its providing of crypto-based services by acquiring one other regulatory approval.

DBS Bank’s brokerage department, DBS Vickers (DBSV), has acquired normal approval from the Monetary Authority of Singapore (MAS) to supply digital payment tokenization services as an establishment. Payments, the corporate formally introduced on Thursday.

Approval was granted below the Payment Services Act of Singapore and paves the way in which for DBSV’s payment license. After licensing, the corporate can straight help asset managers and corporations that trade with digital payment tokens by way of DBS Bank’s crypto-enabled trade, DBS Digital Exchange (DDEx).

Along with the announcement of MAS approval, DBS additionally introduced that DDEx might be in operation across the clock from subsequent Monday, in order that traders can trade on the platform at any time. The trade initially solely operated throughout Asian trading hours, the corporate introduced. DDEx was launched on the finish of 2020 and helps trading in necessary cryptocurrencies resembling Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH) and is aimed solely at institutional traders.

Eng-Kwok Seat Moey, head of the capital markets group at DBS Bank, stated the corporate is seeing rising demand from companies and asset managers for token choices. “This could further increase DDEx’s volume in the coming months and, along with DDEx’s 24/7 operations, help accelerate DDEx’s growth,” he famous.

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DBS Bank has actively expanded its vary of assisted services associated to digital property after establishing a crypto trade final December. In May, DBS Private Bank launched a crypto belief answer by way of its wholly owned belief firm DBS Trustee. They beforehand introduced that they noticed 10x quantity progress on their crypto trade in the primary quarter of 2021.

The newest information comes shortly after MAS granted its in precept approval for Australia’s crypto trade Independent Reserve final week, which permits the corporate to behave as a service supplier.