DBS Bank Receives Regulatory Green Light To Offer Crypto Services.
2021-08-12 | Eddy Morgan
The brokerage arm of Singapore’s DBS Bank has received approval “in principle” from the country’s financial regulator
to start offering
cryptocurrency-related services to asset managers
and corporations.
DBS Vickers received the go-ahead from the MAS [Monetary Authority of Singapore] under the country’s Payment Services Act,
consistent with an official announcement today Thursday.
Earlier in 2019, the city-state passed its
payment act, requiring all-digital payment service providers to receive licensing
to work.
When its license is granted, the bank revealed that
it'll be
ready to directly support managers
and corporations via its DDex [DBS Digital Exchange], where
they will work towards gaining access to its digital payment token services.
DBS revealed that
it's one among the primary few financial institutions to receive such approval from MAS. The bank also added that
it's working through
the required steps with
attention to meeting MAS’ requirements.
It follows on from DBS having issued a S$15 Mln [US$11.3 Mln] digital bond in its first security token offering via DDex that was completed by way of
a private placement earlier in May.
“We are pleased to possess made steady progress on our digital asset ecosystem within the 6 months since we launched the DDEx last year,” outlined Eng-Kwok Seat Moey, group head of capital markets at DBS. “We have seen keen interest among asset managers as well as corporates for access to digital payment token services.”
Leave a comment
Your email address will not be published. Required fields are marked *
