• DBS Group Holdings, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong.
• The bank plans to apply for a license so that it can sell digital assets to Hong Kong customers.
• The move is part of the city’s commitment to become a crypto hub and attract digital asset businesses.
DBS Bank Expands Crypto Services in Hong Kong
Bank Plans To Apply For License
DBS Group Holdings, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong. The Straits Times reported Monday that the bank plans to apply for a license to offer crypto trading services to Hong Kong customers. Headquartered and listed in Singapore, DBS is the largest bank in Southeast Asia with a presence in 18 markets.
CEO Comments on Expansion Plan
Sebastian Paredes, CEO of DBS Bank (Hong Kong), said at a briefing on Monday: We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers. He noted that while DBS is aware of the risks associated with digital assets, the bank is supportive of Hong Kong’s recent policy shift towards attracting digital asset businesses.
Hong Kong Government Seeks To Attract Crypto Businesses
In January, Financial Secretary Paul Chan Mo-po reaffirmed the city’s commitment to become a crypto hub. Unlike China’s anti-crypto stance, the Hong Kong government is considering granting greater access for retail investors to trade in cryptocurrencies and crypto exchange-traded funds (ETFs).
DBS Launches Self-Directed Crypto Trading Service
DBS launched a full-service bitcoin exchange in Singapore for corporate and institutional investors in late 2020. After seeing increased trading volume, the bank launched a crypto trust service followed by its first security token offering and obtained a license from Monetary Authority of Singapore (MAS)to provide crypto services last October 2021. Furthermore, DBS entered into metaverse last September last year due to growing demand from investors.
The move by DBS Bank shows increasing acceptance of cryptocurrency amongst financial institutions and regulators across different countries as well as increased confidence among investors around safety features provided by banks when dealing with cryptocurrency investments . It remains unclear when exactly will be able get their hands on these new products during this expansion process but we can expect more developments from DBS Bank soon enough!