The major Asian bank DBS is significantly expanding its crypto offering. The start is expected at the end of 2022.
Singapore is considered the financial center of Southeast Asia. But when it comes to crypto, the city-state was able to attract young start-ups and companies early on thanks to crypto-friendly regulation. The banks in Singapore are also already working on solutions to facilitate access to Bitcoin and Co.
Customers will soon be able to buy bitcoin
Singapore's largest bank, DBS , is reportedly working to expand crypto trading offerings. This was confirmed by CEO Piyush Gupta during the earnings call on Monday February 14th. So far, only institutional investors have had access to the offer. In December 2020, DBS launched its own crypto trading platform. In August 2021, brokerage subsidiary DBS Vickers received approval from the financial regulator in Singapore to conduct token-based payment services. Gupta hinted that the now-announced service is expected to be available by the end of 2022.
In the call with the analysts, the head of the major Asian bank also reacted to the recent wave of digital attacks, which had resulted in major losses for owners of digital wallets.
We've started thinking about how to reasonably expand beyond the current investor base. This includes thinking about things like potential fraud and other things.
DBS-CEO Piyush Gupta
With all the news that has circulated over the past few weeks and months, the bank's expansion of offerings may not be anything special. Nevertheless: The DBS Bank, founded in 1968, is after all the largest bank in Southeast Asia with several billion US dollars in customer deposits.
Flagship model Singapore?
Singapore has developed into a real crypto metropolis in recent years. An indicator of how far a nation or country is when it comes to crypto is the so-called “Crypto-Ready-Index” , which is published by the Australian crypto portal Crypto Head . Singapore currently ranks third here. Only the USA and Cyprus achieve an even higher score in the ranking. Even if the index's informative value should be treated with caution, it does give a rough picture of a country's crypto-friendliness.
One of the best-known crypto companies based in Singapore is the crypto exchange Crypto.com , which had a market capitalization of around 23 billion euros in December 2021 and is therefore one of the most valuable crypto exchanges in the world.
At the beginning of the year, however, the city-state reacted to the large price fluctuations on the markets and drastically restricted the marketing of cryptocurrencies. According to the new guidelines of the Monetary Authority of Singapore , providers have been drastically restricted in the marketing of cryptocurrencies. As Bloomberg reported, ATM operators such as Daenerys had also shut down their services.
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