Local regulators have approved Singapore’s DBS Bank to offer digital currency services in the country via its brokerage arm, DBS Vickers. The move means the bank has been approved in principle by regulators to offer cryptocurrency services to clients such as companies and asset managers. The authorization from the Monetary Authority of Singapore (MAS) comes under the new Payment Services Act provisions.
Payment Services Act requires digital payment services providers to be licensed.
Introduced in Singapore in 2019, the Payment Services Act requires digital payment services providers to be licensed in order to do business in the city-state. When the license is officially approved, DBSV said its clients would be able to access digital payment token services directly through its exchange platform, DBS Digital Exchange (DDex). Eng-Kwok Seat Moey, group head of capital markets at DBS, welcomed the decision to approve the licensing application, noting a growing interest among its clients for digital payment token services. Cryptocurrencies have gained massive mainstream exposure this year as institutions continue to invest more and more in the sector.
DBS Bank will offer crypto services via DBS Digital Exchange.
When the license is officially approved, the DBS Bank said its clients would be able to access digital payment token services directly through its exchange platform, DBS Digital Exchange (DDex). Eng-Kwok Seat Moey, group head of capital markets at DBS, welcomed the decision to approve the licensing application, noting a growing interest among its clients for digital payment token services. “We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year. We have seen keen interest among asset managers and corporates for access to digital payment token services,” Eng-Kwok said.
