In Singapore, DBS Bank Will Provide Crypto Services
In Singapore, DBS Bank’s subsidiary brokerage arm will offer cryptocurrency services. They will provide asset management businesses with their services in order to purchase crypto assets.
The MAS granted DBS Bank a license, according to the press statement ( Monetary Authority of Singapore). They now have complete permission to offer digital token-based payment and trading services to their consumers.
The brokerage branch of DSB Bank intends to provide services only to privileged members. That is to say, they will not deliver their services to individuals in a public setting. They will provide services to institutional investors and management companies.
As a result, its platform, the DBS Digital Exchange (DDEx), will allow fund management firms to trade. They will provide their service on the basis of a member-based model.
This decision by the DBS Bank will create a better opportunity for institutional investors that have a strong interest in the crypto industry, as they will be able to capitalize on opportunities through the DDEx services. They will also be able to mitigate the issue of high volatility in the crypto market because they will be able to buy and sell their funds directly according to market conditions.
DBS Group Head of Capital Markets, Eng-Kwok, claimed that
“We are confident of doubling our investor base by the end of the year. This bodes well for our ability to provide integrated solutions across the digital asset value chain, notably in the form of security token offerings (STOs), leveraging DBS’ expertise in deal origination to tokenization, listing, distribution, trading, and custody.”
Earlier DDEx claimed that they have 400 registered Investors on their platform and also they have a $130 million digital asset fund which is under the custody of a service.