Singapore’s largest bank, DBS Bank, has expanded the range of cryptocurrency services it supports by obtaining another regulatory approval.
DBS Vickers (DBSV), the brokerage arm of DBS Bank, has obtained approval in principle from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a payment institution. The company officially Announce Thursday.
The approval was granted under Singapore’s Payment Services Act, paving the way for DBSV’s payment permit. Once approved, the company will be able to directly support asset managers and companies trading digital payment tokens through DBS Digital Exchange (DDEx), DBS Bank’s cryptocurrency exchange.
In conjunction with the approval announcement of MAS, DBS also revealed that DDEx will operate 24/7 starting next Monday, allowing investors to trade on the platform at any time. The company said that the exchange initially only operated during Asian trading hours. Launched at the end of 2020, DDEx supports the transaction of mainstream cryptocurrencies such as Bitcoin (Bitcoin), ether (Ethereum), Ripple And Bitcoin Cash (Bitcoin cash), only for institutional investors.
The head of DBS Capital Markets Group Eng-Kwok Seat Moey said that the company has been seeing growing demand for digital payment token services from enterprises and asset management companies. “This may increase DDEx’s transaction volume in the next few months, and together with DDEx’s 24/7 operation, will help accelerate the growth of DDEx,” he pointed out.
Since DBS Bank established a cryptocurrency exchange in December last year, it has been actively expanding the scope of digital asset-related services it supports. In May, DBS Private Bank Launched a cryptocurrency trust solution Through its wholly-owned trust company DBS Trustee.Previously, the company announced that it had Sales increased tenfold Cryptocurrency exchanges in the first quarter of 2021.
Soon after the latest news MAS issues first approval in principle Last week, it was an independent reserve for the Australian cryptocurrency exchange, allowing the company to operate as a fully regulated digital asset service provider.