DBS, the biggest financial institution in Southeast Asia, has unveiled its plan to increase its crypto providers in Hong Kong. “We’re planning to use for a license in Hong Kong in order that the financial institution might promote digital belongings to our Hong Kong clients,” stated an govt of the financial institution.
DBS Financial institution to Apply for Digital Asset License in Hong Kong
DBS Group Holdings has unveiled its plan to increase its providers in Hong Kong. The Straits Instances reported Monday that the financial institution plans to use for a license to supply crypto buying and selling providers to Hong Kong clients. Headquartered and listed in Singapore, DBS is the biggest financial institution in Southeast Asia with a presence in 18 markets.
Sebastian Paredes, CEO of DBS Financial institution (Hong Kong), stated at a briefing on Monday:
We’re planning to use for a license in Hong Kong in order that the financial institution might promote digital belongings to our Hong Kong clients.
The chief said that after the rules round crypto belongings in Hong Kong are clear and the financial institution “understands precisely the framework,” DBS will probably be among the many lenders all for collaborating. He famous that whereas DBS is conscious of the dangers related to digital belongings, the financial institution is supportive of Hong Kong’s latest coverage shift.
Hong Kong is presently looking for to draw digital asset companies. In January, Monetary Secretary Paul Chan Mo-po reaffirmed town’s dedication to develop into a crypto hub. Not like China’s anti-crypto stance, the Hong Kong authorities is contemplating granting greater access for retail buyers to commerce in cryptocurrencies and crypto exchange-traded funds (ETFs).
DBS launched a full-service bitcoin exchange in Singapore for company and institutional buyers in late 2020. After seeing increased trading volume, the financial institution launched a crypto trust service, adopted by its first security token offering. DBS continued to expand its crypto enterprise citing “rising demand.”
The financial institution obtained a license from the Financial Authority of Singapore (MAS) to supply crypto providers in October 2021 and subsequently launched a self-directed crypto buying and selling service. Moreover, DBS entered the metaverse in September final yr.
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