Singapore\u2019s largest bank, DBS Bank, has expanded its scope of supported cryptocurrency services by scoring another regulatory approval.<\/p>\n
DBS Bank\u2019s 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.<\/p>\n
The approval is granted under Singapore\u2019s Payment Services Act, paving the way for DBSV\u2019s payment license. Once licensed, the firm will be able to directly support asset managers and companies trading in digital payment tokens through DBS Bank\u2019s cryptocurrency-enabled exchange, DBS Digital Exchange (DDEx).<\/p>\n
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\u00a0and Bitcoin Cash (BCH), targeting only institutional investors.<\/p>\n
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. \u201cThis could add to DDEx\u2019s volumes in the coming months, and, coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx,\u201d he noted.<\/p>\n