• DBS, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong.
• The bank plans to apply for a license to offer crypto trading services to Hong Kong customers.
• The bank previously obtained a license from the Monetary Authority of Singapore (MAS) and launched a self-directed crypto trading service.
DBS Bank Unveils Plan To Expand Crypto Services In Hong Kong
DBS Group Holdings, the largest bank in Southeast Asia, announced plans on Monday to expand its crypto services in Hong Kong. According to Sebastian Paredes, CEO of DBS Bank (Hong Kong), the bank is planning on applying for a license so they can sell digital assets to their Hong Kong customers.
Regulations Around Crypto Assets In Hong Kong
The regulations around crypto assets in Hong Kong are still being clarified by the government. Financial Secretary Paul Chan Mo-po has affirmed that the city is committed to becoming a crypto hub and is considering granting greater access for retail investors to trade in cryptocurrencies and exchange-traded funds (ETFs).
Previous Expansion Of DBS’s Crypto Business
In late 2020, DBS launched a full-service bitcoin exchange for corporate and institutional investors. After seeing increased trading volume, the bank then launched a crypto trust service followed by its first security token offering as demand continued to grow. Furthermore, last September they entered into the metaverse with an official license from Singapore’s Monetary Authority of Singapore (MAS).
It seems that DBS is fully invested in expanding their presence within the cryptocurrency market as they have been steadily increasing their scope of operations throughout multiple countries over recent months. With this latest announcement, it will be interesting to see how far and wide their influence spreads when it comes to digital asset services within Asia Pacific region.