DBS Group Holdings Apply for Crypto Services License in Hong Kong
• DBS Group Holdings Ltd is making plans to apply for a license in Hong Kong to offer crypto services to its customers.
• The license will permit the bank to sell digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP).
• DBS is also setting up a cryptocurrency exchange platform with access only open to institutional and accredited investors.
About DBS Group Holdings Ltd.
DBS Group Holdings Ltd is a Singaporean multinational banking and financial services corporation, headquartered at Marina Bay Financial, in the Marina Bay district of Singapore. It offers financial services across 28 markets with over 280 branches. The bank has welcomed cryptocurrency since 2020 when it announced plans to set up an exchange platform for trading tokens like bonds, private equity funds, and shares from private companies.
Hong Kong Dedicated To Becoming A Digital Asset Hub
Hong Kong is dedicated to becoming a designated hub for digital assets in the nation, as well as all of Asia, by creating policies that promote the usage of cryptocurrencies while avoiding their dangers and inconsistencies associated with them. This allows companies like DBS Group Holdings Ltd to apply for licenses which will permit them to offer crypto services their customers in Hong Kong.
DBS Bank Open To Cryptocurrency
The Chief executive of DBS Bank Holdings Ltd has expressed his support for these policies and that they are planning on applying for a license so they can begin offering digital asset services once they understand the framework established by Hong Kong’s policymakers. They are aiming to become one of the first lenders that can offer crypto services within Hong Kong’s jurisdiction.
Conclusion
In conclusion, DBS Group Holding’s decision signals that more banks may soon follow suit by offering digital asset services depending on regulations established by each nation or region’s authorities in order remain compliant with local laws while providing their customers with convenient access to these products .
