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The bank in Singapore that serves crypto trading services but currently not allowing or having plans to serve retail investors
Chief Executive of DBS, Piyush Gupta, said that the bank has planned to expand its crypto trading services to its retail clients by this year. The Singaporean bank has its exchange service titled DBS Digital Exchange (DDEx), which was launched in 2020. It is currently an exchange service available to members only for institutional and accredited investors. Till 2021, the bank has been standing at a yearly trading volume of approximately $1.1.
It seems like the statement that CEO Gupta said and its timeline is about to change after the annual general meeting on Tuesday. As he said that he doesn’t think the current situation would allow the bank to make the services related to crypto trading available to retail customers anytime now or in the immediate future.
Being one of the largest lenders institutions in Southeast Asia, DBS banks has also recognized that although crypto usage has grown significantly, especially in current geopolitical situations created after the Russia Ukraine war. In such times. Most regulators have their justifiable concerns about allowing the services for the retail market.
Further, he said that, as said before left the bank, and he thought that with time, crypto assets and digital currencies would be more pervasive. Since it’s going to happen, the world will come to the terms and conditions that go along with the asset class sooner or later. Although not to replace money, it will undoubtedly play a significant role in being a story value.
Despite all the situations, the bank’s decision of the bank to hold back the services for retail crypto traders and investors could come after the guidelines of the Monetary Authority of Singapore. Earlier in January, the authority had issued several guidelines about crypto trading to the general public.
The guidelines noted that the MAT had warned consistently that trading DPTs involve high risks and are not suitable for the public in general. As they are fluctuating assets, their prices go up and down with speculative swings. Despite DDEx having a market license, it doesn’t seem like the right time for the exchange to do anything that goes against the commentary that the regulator made.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
