DBS Bank receives approval from Singapore regulator to provide cryptocurrency payment services

Singapore’s largest bank, DBS Bank, has expanded the range of cryptocurrency services it supports by obtaining another regulatory approval.

DBSV, the brokerage arm of DBS Bank, officially announced on Thursday that the company has obtained the approval in principle from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a payment institution.

The legal basis for this approval is Singapore’s Payment Services Act, paving the way for DBSV’s payment license. Once approved, the company will be able to directly support asset managers and companies to trade digital payment tokens through DBS Digital Exchange (DDEx), an exchange that supports cryptocurrencies in DBS Bank.

While announcing the approval of the Monetary Authority of Singapore, DBS also disclosed that DDEx will operate around the clock from next Monday, allowing investors to trade on the platform at any time. The company stated that the exchange initially only operated during Asian trading hours. DDEx was launched at the end of 2020 and supports the trading of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH), and is only for institutional investors.

DBS Capital Markets Group Director Eng-Kwok Seat Moey said that the company has been seeing growing demand for digital payment token services from enterprises and asset management companies. “This may increase DDEx’s transaction volume in the next few months, coupled with the start of DDEx’s 24-hour operation, will help accelerate the growth of DDEx,” he pointed out.

After DBS Bank established a cryptocurrency exchange in December last year, it has been actively expanding the range of digital asset-related services it supports. In May, DBS Private Bank launched a cryptocurrency trust solution through its wholly-owned trust company DBS Trustee. The bank previously announced that in the first quarter of 2021, its cryptocurrency exchange trading volume has increased tenfold.

The latest news comes shortly after the Monetary Authority of Singapore issued its first in-principle approval to the Australian cryptocurrency exchange Independent Reserve last week, allowing the company to operate as a fully regulated digital asset service provider.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/dbs-bank-receives-approval-from-singapore-regulator-to-provide-cryptocurrency-payment-services/
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