DBS Bank to offer cryptocurrency trading in Hong Kong

Singapore state-owned megabank DBS Group is readying to grow its cryptocurrency services to Hong Kong arsenic the Chinese territory pushes to go a integer plus hub.

DBS Bank plans to use for a licence to let it to connection crypto trading services to Hong Kong customers, Bloomberg reported connected Feb. 13.

“We are readying to use for a licence successful Hong Kong truthful that the slope could merchantability integer assets to our Hong Kong customers,” DBS Bank Hong Kong CEO Sebastian Paredes said.

Paredes noted that DBS welcomes caller crypto-related policies successful Hong Kong, and is besides “very sensitive” to the risks associated with integer assets. The slope is consenting to go 1 of the archetypal lenders offering crypto successful Hong Kong erstwhile the regulations are afloat wide and DBS “understands precisely the framework,” helium added.

DBS Bank made a monolithic determination into the cryptocurrency manufacture a fewer years ago, launching its organization crypto exchange successful Singapore successful precocious 2020. The institution has besides been moving to expand its crypto level to retail investors and applying decentralized concern exertion to joint projects with Singapore’s cardinal bank.

The caller DBS’ plans to grow to Hong Kong travel amid China’s peculiar administrative portion continuing to reaffirm its pro-crypto stance. In January, Hong Kong’s fiscal caput Paul Chan declared that the Hong Kong authorities is unfastened to collaboration with crypto and fintech startups successful 2023. The authoritative besides said that a batch of manufacture firms expressed willingness to grow operations successful Hong Kong oregon to spell nationalist connected section exchanges.

As antecedently reported, Hong Kong lawmakers passed authorities to acceptable up a licensing system for virtual plus work providers successful December 2022. The caller regulatory model is designed to supply the aforesaid grade of marketplace designation to crypto exchanges arsenic the 1 that is presently applicable to accepted fiscal institutions.

Related: Hong Kong securities regulator adds crypto unit for manufacture supervision

While Hong Kong authorities person been opening up to crypto recently, Singapore has taken a much stringent attack to the crypto manufacture successful the aftermath of large manufacture failures successful 2022. In October, the Monetary Authority of Singapore projected to ban each forms of cryptocurrency credit pursuing the bankruptcy of the Singaporean crypto hedge money Three Arrows Capital.