With the In-Principle approval, DBS will be able to provide round-the-clock cryptocurrency trading for its DDEX members.
DBS Bank has received In-Principle approval from the Monetary Authority of Singapore (MAS) to provide digital token services under Singapore’s Payment Services Act (PSA).
With a handful of cryptocurrency trading exchanges like Independent Reserve receiving the In-Principle approval from MAS, DBS Bank’s brokerage arm, DBS Vickers, is next to have gotten the financial regulator’s green light to conduct digital assets trading.
The qualifying process sees applicants actively taking steps to address areas such as customer protection, a strong IT infrastructure, and Anti-Money Laundering/Combating the Financing of Terrorism measures (AML/CFT) before they are cleared for the In-Principle license approval.
Operating as the securities and derivatives arm of DBS Bank, DBS Vickers provide comprehensive retail, institutional and online broking services and solutions. With the latest approval by MAS, they can now add cryptocurrency trading to their list of services which will begin on Monday, 16 August.
“We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand. This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round the-clock, help accelerate growth for DDEx.” Said Ms Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS.
Since its launch in Dec 2020, DBS Digital Exchange (DDEx), the exchange has recorded about SGD 180 million in total trading value in Q2 2021, more than five times the value traded in the previous quarter. DBS now has digital assets worth SGD 130 million in its custody, and the bank is building up its pipeline of potential Security Token Offerings.
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