DBS, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong. “We plan to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong customers,” the bank executive said.
DBS Bank to Apply for Hong Kong Digital Asset License
DBS Group Holdings has unveiled a plan to expand its services in Hong Kong. On Monday, The Straits Times reported that the bank plans to apply for a license to provide cryptocurrency trading services to Hong Kong clients. Headquartered and listed in Singapore, DBS is the largest bank in Southeast Asia with a presence in 18 markets.
Sebastian Paredes, CEO of DBS Bank (Hong Kong), said at a briefing on Monday:
We plan to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong clients.
The chief executive said that once the rules regarding cryptoassets in Hong Kong are clear and the bank “clearly understands the structure”, DBS will be one of the lenders interested in participating. He noted that while DBS is aware of the risks associated with digital assets, the bank supports Hong Kong’s recent policy change.
Hong Kong is currently looking to attract digital asset companies. In January, financial secretary Paul Chan Mo-po confirmed the city’s ambition to become a crypto hub. In contrast to China’s anti-crypto stance, the Hong Kong government is considering giving retail investors greater access to trading cryptocurrencies and cryptocurrency exchange-traded funds (ETFs).
In late 2020, DBS launched a full-service bitcoin exchange in Singapore for corporate and institutional investors. Seeing an increase in trading volume, the bank launched a crypto-trust service, after which the first offer of security tokens was offered. DBS has continued to expand its crypto business, citing “growing demand.”
The bank received a license from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services in October 2021 and then launched a self-managed cryptocurrency trading service. In addition, DBS entered the metaverse last September.
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