Home Technology Singapore’s DBS Bank Opens Crypto Trading to ‘Accredited’ Investors

Singapore’s DBS Bank Opens Crypto Trading to ‘Accredited’ Investors

Singapore’s DBS Bank Opens Crypto Trading to ‘Accredited’ Investors

DBS Group Holdings Ltd. opened its cryptocurrency trading services on its DDEx digital exchange to another 100,000 of its most affluent clientele.

The bank will allow accredited customers with at least $246,000 in investable assets to buy, sell, and trade a few cryptocurrencies, including bitcoin. Crypto traders must invest at least $500. The trading facility will be available on the DBS digibank app.

“As a trusted partner who helps our clients grow and protect their wealth, we believe in staying one step ahead of curve and provide access to the solutions they seek. Expanding access to DDEx is another step in our efforts to provide sophisticated investors looking to get into cryptocurrencies with a seamless and secure way to do so,” said Sim S. Lim, Group Director for Consumer Banking and Wealth Management at DBS Bank.

This announcement marks the second major expansion of the qualifying customer base, following a previous announcement by the bank about two weeks ago that it would start offering crypto trading services to 300,000 of its wealthiest Asian customers, including private banks, accredited investors, and other exchanges and funds. Before that, the exchange had around 1,000 eligible traders.

Since he is granted approval from the Monetary Authority of Singapore to operate a crypto exchange, DBS Vickers, the brokerage entity of DBS bank that operates the exchange, has seen a steady increase in business activity. Transaction volumes doubled between April 2022 and June 2022, with bitcoin volume quadrupling.

Bank touts institutional-grade custody infrastructure

Accredited investors can trade bitcoin, bitcoin cash, Ethereumand XRP on DDEx. Customers can view their crypto holdings and other assets in their portfolio on the digibank platform.

According DBS Bank, customers’ crypto assets will be protected by “institutional grade” custody, which stores assets in cold storage and is protected by multiple Security layers.

Client funds will be directly debited when they make cryptocurrency transactions, eliminating the need for stablecoins acting as a bridge between the crypto and fiat worlds.

Singapore’s Crypto Approach: Hands-Free, Retail Investors

The Monetary Authority of Singapore has previously warned against retail investors who trade cryptocurrencies and, in January 2022, banned consumer crypto advertisements. The proof will be seen during the upcoming Formula 1 Singapore Grand Prix, scheduled for September 30, 2022, when Crypto.com will be forced to remove public advertising signage during the race.

“MAS strongly encourages the development of blockchain technology and the innovative application of cryptographic tokens in value-added use cases,” Noted Deputy Managing Director of MAS (Policy, Payments and Financial Crime) Loo Siew Yee at the time. “But cryptocurrency trading is very risky and not suitable for the general public.”

The agency came under fire to position Singapore as a destination for fintech and distributed ledger technology while simultaneously creating bureaucratic hurdles for companies wishing to establish crypto businesses in the country.

He expressed support for tokenization of traditional financial assets such as cash, bonds, artwork and real estate.

To be[In]The Last of Crypto Bitcoin (BTC) analysis, Click here


All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.


Please enter your comment!
Please enter your name here