The brokerage arm of DBS Bank has obtained approval in principle to offer crypto services in Singapore. The approval comes from the country's Monetary Authority, under its Payment Services Act.
DBS Vickers is hoping to be able to offer its digital asset services to asset managers as well as businesses. A license will be required for it to function in this way, but once it has been acquired the bank will be able to provide aid to its clients through the DBS Digital Exchange.
As one of the few companies to gain such approval, DBS has highlighted its intentions to ensure it meets any requirements set out by the MAS.
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