DBS, the largest bank in Southeast Asia, reveals plans to expand crypto services to Hong Kong
DBS Group Holdings has revealed its plans to expand its services in Hong Kong. The Straits Times reported on Monday that the bank is planning to apply for a license to provide crypto-related setting services to Hong Kong customers and is headquartered in Singapore, with a presence in DBS 18 markets. Definitely strong as the largest bank in South East Asia. DBS Bank (Hong Kong) CEO Sebastian Paredes says in a press conference on Monday that we plan to apply for a license in Hong Kong to enable the bank to sell and exchange digital assets to our Hong Kong customers . The executive further added that the bank “absolutely understands the framework,” and that DBS could be one of the lenders interested in participating once property regulations in Hong Kong are clarified. He added that while DBS remains aware of the risks associated with digital assets, the bank supports Hong Kong’s current policy change and its overall condition. Hong Kong is currently seeking to attract digital asset business and in January its Financial Secretary Paul Chan Mo-po confirmed its success with his city’s commitment to become a crypto hub. In contrast to China’s anti-crypto stance, the government is supporting and considering giving retail investors more access to trade cryptocurrencies and crypto exchange-traded funds (ETFs). DBS launched a full-service bitcoin exchange in Singapore for corporate and institutional investors in late 2020 and its first security token service offering after the bank also launched a crypto trust service after seeing an increase in trading volumes. done. DBS continues to expand the crypto business, citing “increasing demand”. The bank received a license from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services in October 2021 and also launched a self-directed crypto trading service. Additionally, DBS entered the Metaverse last September.