DBS, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong. “We are planning to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong customers,” an executive at the bank said.
DBS Bank to apply for digital asset license in Hong Kong
DBS Group Holdings has presented its plan to expand its services in Hong Kong. The Straits Times reported on Monday that the bank plans to apply for a license to offer cryptocurrency trading services to Hong Kong clients. Headquartered and listed in Singapore, DBS is the largest bank in Southeast Asia with a presence in 18 markets.
Sebastian Paredes, CEO of DBS Bank (Hong Kong), said in a briefing on Monday:
We are planning to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong clients.
The executive stated that once the regulations on crypto assets in Hong Kong are clear and the bank “exactly understands the framework”, DBS will be among the lenders interested in participating. He noted that while DBS is aware of the risks associated with digital assets, the bank supports Hong Kong’s recent policy change.
Currently, Hong Kong is looking to attract digital asset companies. In January, the financial secretary, Paul Chan Mo-po, reaffirmed the city’s commitment to becoming a crypto hub. Contrary to China’s anti-crypto stance, the Hong Kong government is considering giving retail investors greater access to trade cryptocurrencies and exchange-traded funds (ETFs).
DBS launched a full-service bitcoin exchange in Singapore for corporate and institutional investors in late 2020. After seeing increased trading volume, the bank launched a crypto trust service, followed by its first security token offering. DBS continued to expand its cryptocurrency business citing “growing demand.”
The bank obtained a license from the Monetary Authority of Singapore (MAS) to provide crypto services in October 2021 and has subsequently launched a self-directed crypto trading service. Furthermore, DBS entered the metaverse in September of last year.
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