DBS wins regulatory approval in Singapore for crypto payment services

Published at: Aug. 12, 2021

Singapore’s largest bank, DBS Bank, has expanded its scope of supported cryptocurrency services by scoring another regulatory approval.

DBS Bank’s brokerage arm, DBS Vickers (DBSV), has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a payment institution, the company officially announced Thursday.

The approval is granted under Singapore’s Payment Services Act, paving the way for DBSV’s payment license. Once licensed, the firm will be able to directly support asset managers and companies trading in digital payment tokens through DBS Bank’s cryptocurrency-enabled exchange, DBS Digital Exchange (DDEx).

In conjunction with the MAS approval announcement, DBS also disclosed that DDEx will begin operating 24/7 starting next Monday, allowing investors to trade on the platform at any time. The exchange initially operated only during Asian trading hours, the company said. Launched in late 2020, DDEx supports trading of major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH), targeting only institutional investors.

Eng-Kwok Seat Moey, group head of capital markets at DBS Bank, said that the company has been seeing growing demand among corporates and asset managers for digital payment token services. “This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx,” he noted.

Related: 43% of Singaporeans own crypto, according to Independent Reserve survey

DBS Bank has been actively extending its range of supported digital asset-related services after setting up a crypto exchange last December. In May, DBS Private Bank launched a cryptocurrency trust solution via its fully-owned trust company DBS Trustee. It previously announced that it had posted tenfold volume growth on its cryptocurrency exchange in the first quarter of 2021.

The latest news comes shortly after the MAS issued the first in-principle approval for Australian crypto exchange Independent Reserve last week, allowing the firm to operate as a fully regulated digital asset service provider.

Tags
Bitcoin
Regulation
Cryptocurrency Exchange
Singapore
Tokens
Payments
Dbs Bank
Related Posts
Singapore finance authority grants licenses to Independent Reserve and DBS
Singapore’s principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country. MAS issued licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS Act), on Friday. According to an announcement by Independent Reserve, the firm became the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. Founded in Australia back in 2013, the company started setting up its first overseas operations in Singapore in late 2019, offering …
Adoption / Oct. 1, 2021
OTC crypto shops flood Hong Kong, but regulations may impact their presence
Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told …
Bitcoin / Oct. 24, 2021
Singapore Act to License Cryptocurrency Firms Comes Into Effect
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …
Bitcoin / Jan. 28, 2020
Swiss crypto bank Sygnum secures in-principal approval in Singapore
Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, is expanding services after securing new regulatory approval from local authorities. The company announced Tuesday that Sygnum Singapore received in-principle approval from the Monetary Authority of Singapore (MAS) to offer three additional regulated activities under capital markets services (CMS) license. The CMS license was initially granted in 2019, allowing Sygnum Singapore to conduct asset management activities. The latest in-principle regulatory approval upgrades Sygnum Singapore to enable new tools like providing corporate finance advisory services, dealing with tokenized capital market products and digital assets, as well as offering custodial services for asset …
Bitcoin / March 8, 2022
Singaporean investors’ appetite for crypto is key to mainstream adoption — Survey
As Singapore continues to play an active role in boosting crypto adoption across the Asia-Pacific region, the country’s first licensed crypto exchange Independent Reserve conducted a retail-focused survey to better understand the underlying potential of the regulated market. Independent Reserve’s survey — conducted across all age groups and genders of the Singapore population — revealed a strong affinity for various financial opportunities brought forward by decentralized finance (DeFi) and other investment opportunities. As explained by Raks Sondhi, managing director of Independent Reserve Singapore, the country’s rapid crypto adoption is driven by high level of trust and confidence in the future …
Adoption / April 28, 2022