DBS wins regulatory approval in Singapore for crypto payment companies

Singapore’s largest lender, DBS Lender, has expanded its scope of supported cryptocurrency providers by scoring an additional regulatory approval.

DBS Bank’s brokerage arm, DBS Vickers (DBSV), has received in-theory approval from the Financial Authority of Singapore (MAS) to offer electronic payment token companies as a payment establishment, the corporation officially introduced Thursday.

The approval is granted underneath Singapore’s Payment Solutions Act, paving the way for DBSV’s payment license. Once certified, the company will be ready to straight help asset professionals and providers buying and selling in digital payment tokens as a result of DBS Bank’s cryptocurrency-enabled trade, DBS Digital Trade (DDEx).

In conjunction with the MAS acceptance announcement, DBS also disclosed that DDEx will start functioning 24/7 beginning next Monday, letting investors to trade on the system at any time. The exchange originally operated only for the duration of Asian investing hrs, the enterprise mentioned. Introduced in late 2020, DDEx supports trading of main cryptocurrencies these types of as Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Hard cash (BCH), focusing on only institutional traders.

Eng-Kwok Seat Moey, group head of capital markets at DBS Lender, claimed that the firm has been seeing growing need between corporates and asset managers for electronic payment token products and services. “This could include to DDEx’s volumes in the coming months, and, coupled with DDEx heading operational spherical-the-clock, help accelerate progress for DDEx,” he pointed out.

Related: 43% of Singaporeans own crypto, in accordance to Impartial Reserve study

DBS Bank has been actively extending its vary of supported digital asset-connected providers just after placing up a crypto exchange final December. In May possibly, DBS Non-public Financial institution introduced a cryptocurrency have faith in remedy by means of its thoroughly-owned have confidence in corporation DBS Trustee. It earlier announced that it had posted tenfold volume growth on its cryptocurrency exchange in the 1st quarter of 2021.

The most recent news arrives shortly right after the MAS issued the first in-theory approval for Australian crypto trade Unbiased Reserve last 7 days, letting the firm to operate as a absolutely controlled electronic asset support supplier.