DBS, the largest bank in Southeast Asia, has revealed plans to expand its crypto services in Hong Kong.” The bank plans to apply for a license in Hong Kong to allow the bank to sell digital assets to Hong Kong customers,” a bank executive said.
DBS Bank to Apply for Digital Asset License in Hong Kong
DBS Group Holdings has revealed plans to expand its services in Hong Kong, with Straits Times reporting Monday that the bank plans to apply for a license to offer crypto trading services to Hong Kong customers. Headquartered and listed in Singapore, DBS is the largest bank in Southeast Asia with a presence in 18 markets.
Sebastian Paredes, CEO of DBS Bank (Hong Kong), said at a briefing on Monday.
We plan to apply for a license in Hong Kong to allow banks to sell digital assets to Hong Kong customers.
The executive said that once Hong Kong’s regulations on crypto assets are clarified and banks “understand exactly what the framework is,” DBS will be among the financial institutions interested in participating. He noted that while DBS is aware of the risks associated with digital assets, the bank supports Hong Kong’s recent policy shift.
Hong Kong is now looking to attract digital asset businesses, and in January, Finance Secretary Paul Chan Mo-Po reaffirmed his commitment to make Hong Kong a crypto hub. Unlike China’s anti-crypto stance, the Hong Kong government is considering allowing greater access for retail investors to trade in cryptocurrencies and crypto-exchange-traded funds (ETFs).
DBS launched a full-service bitcoin exchange in Singapore for corporate and institutional investors in late 2020. After seeing an increase in transaction volume, the bank launched a crypto trust service, followed by its first security token offering, and DBS continued to expand its crypto business due to “growing demand.”
The bank received a license to offer crypto services from the Monetary Authority of Singapore (MAS) in October 2021 and subsequently launched crypto trading services for its own account. Additionally, DBS entered the metaverse last September.
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