DBS Vickers, the brokerage arm of Singaporean DBS Bank, has received an “in principle” approval from the Monetary Authority of Singapore (MAS) to provide crypto services to companies and managers, the bank said in a press release on 12 August.
According to the announcement, the in-principle approval was granted under Singapore’s Payment Services Act, enabling DBS to provide digital payment token services to payment institutions. Once fully licensed, the bank will be able to provide asset managers and companies with crypto trading through its cryptocurrency exchange, DBS Digital Exchange (DDEx). The head of capital markets at DBS, Eng-Kwok Seat Moey, said in a statement:
“We are confident of doubling our investor base by the end of the year. This bodes well for our ability to provide integrated solutions across the digital asset value chain notably in the form of STOs, leveraging DBS’ expertise in deal origination to tokenisation, listing, distribution, trading and custody. This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”
The bank also announced that starting Monday DDEx will begin operating 24/7, enabling investors to trade at any time, opposed to its previous Asian trading hours work schedule. The exchange was launched back in 2020, and currently provides crypto trading services only to institutional investors, who have access to Bitcoin, Ethereum, XRP, and Bitcoin Cash.
DBS is now one of the few financial institutions to acquire an in-principal approval from MAS, and will now work on meeting the other MAS requirements. In fact, it has been a little over a week since MAS issued its first in-principle approval, with its recipient being Australian crypto exchange Independent Reserve.