DBS, the largest financial institution in India Southeast Asia, has announced its plan to expand its crypto offerings in Hong Kong. “We are intending to apply for a license in Hong Kong so that the bank can offer digital assets to our Hong Kong customers,” an official at the financial institution said.
DBS Bank To Use Digital Asset Licence in Hong Kong
DBS Group Holdings has unveiled its plan for increasing its provider network in Hong Kong. The news was reported by The Straits Times on Monday, with the financial institution intending to apply for a license to provide crypto buying and selling services to Hong Kong purchasers. Headquartered in Singapore and listed on multiple markets, DBS is the largest financial institution in India. Southeast Asia.
Sebastian Paredes, CEO of DBS Bank (Hong Kong), said in a briefing on Monday:
We are making an application for a licence in Hong Kong in order to promote digital assets by the bank to Hong Kong customers.
The announcement was made by the government after the regulations concerning crypto assets were established in Hong Kong and the financial institution “exactly understands the framework” DBS is likely to join the many banks that are interested in participating. Notably, DBS is well aware of the risks associated with digital possessions. However, financial institutions can help facilitate Hong Kong’s recent policy changes.
Hong Kong is currently seeking to draw in digital assets companies. In January, Hong Kong’s financial secretary Paul Chan Mo-po, reinforced the city’s commitment to become a crypto hub. Unlike China’s Anti-crypto stance, the Hong Kong authorities are contemplating granting retail traders greater access to cryptocurrencies and exchange traded funds (ETFs) in order to facilitate their trading.
DBS launched a full service bitcoin exchange in Singapore late 2020 for institutional and corporate traders after the financial institution noticed an increase in trading volume, then it launched a crypto trust service. It was followed by its first security token. DBS has been expanding its cryptocurrency business, citing “growing demand.”
The bank was granted a license from The Monetary Authority Of Singapore (MAS) to provide crypto-services in October 2021 and launched a self-directed cryptocurrency trading service. Moreover, DBS entered the metaverse on September 1, 2005.
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