Singapore’s largest bank DBS to offer crypto services to 300,000 investors
Singapore’s largest bank DBS hinted at plans to open its cryptocurrency and digital asset services to 300,000 high-net-worth clients across Asia, the Financial Times reported. The leading bank received a virtual currency license from the Monetary Authority of Singapore in 2021 to offer crypto services to its clients.
So far, DBS has offered the service to only 1,000 institutional clients on an invite-only basis. DBS Bank CEO Piyush Gupta in an interview with FT affirmed that cryptocurrency services will soon be available to over 300,000 clients in the Asian region. Gupta said that the bank is working to place the necessary guardrails that will protect its clients and lead to better investment outcomes. Gupta added that DBS’s crypto services will only be available to accredited investors in the meantime due to Singapore’s regulatory approach to retail investors.
Source
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