The prospects for commercial, financial enterprises starting large-scale crypto trading services in Singapore are not without their challenges. However, DBS, one of the banking giants operating in the region, has recently made it public that it has managed to acquire a license. The issuer of the license is MAS or the Monetary Authority of Singapore.
With the acquisition of the new crypto trading license, the bank is planning to start a large-scale crypto trading service for the benefit of the public. DBS CEO Piyush Gupta recently told the media that the financial institution is in the process of making arrangements to make the expansion possible. He declared that the services would be available to the masses before the end of this year.
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According to the local media outlets, during 2019, around 170 commercial institutions applied for a crypto trading application with the MAS. However, several major players have retracted their applications since that time. DBS was able to get the registration certificate after a long and detailed patting down the process by the MAS officials in 2021.
Bank’s CEO, Gupta, has revealed recently that new cryptocurrency exchange is also on the cards. Meanwhile, Binance was unable to get a license from MAS, and the Singaporean government officials proceeded to issue a warning to the public. On the other hand, the government has also taken steps to discourage crypto trading by imposing limiting policies on social media adverts.
DBS has effectively put itself as the leading corporation to control the crypto trading industry in Singapore. The organization has set up a cryptocurrency exchange called the DBS digital exchange and started to make the new hiring for starting the project. CEO Lionel Lim recently told the media that the decision to expand its crypto services is backed by the increasing interest of the general public.
He further explained that the current trading volume generated from the region was valued at $1.1 billion last year. The bank has been able to get the Digital Payment Token License. However, it is still limited by the law of the land from marketing its services to the masses and creating hype among the new investors.