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DBS Bank Gets Approval from the Monetary Authority of Singapore to Provide Crypto Payment Services

Singapore-based DBS Bank has formally acquired approval from the Monetary Authority of Singapore (MAS) to present cryptocurrency cost companies.

The Digital Exchange (DDEx) would begin 24/7 operation following Monday to meet the ever-increasing buyer demand and excessive transaction quantity.

The firm stated that its brokerage division DBS Vickers (DBSV), has obtained regulatory approval in precept underneath the Payment Services Act (PS Act) that may function a significant cost establishment to present asset managers and corporations and different traders with transactions in digital tokens platform.

The Group Head of Capital Markets at DBS, Eng-Kwok Seat Moey, stated the firm is happy to have made regular progress on the digital asset ecosystem in the six months since the DDEx launched final yr, which reveals in buying and selling and custody actions:

“We have seen eager curiosity amongst asset managers and corporates for entry to digital cost token companies, and with DBSV receiving in-principle approval underneath the PS Act, we’re well-placed to meet this rising demand. This may add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational spherical the clock, assist speed up development for DDEx.”

DBS stated it’s assured of doubling its traders base by the finish of the yr by offering built-in options throughout the digital asset worth chain, notably in the type of STOs, leveraging DBS’ experience in deal origination to tokenisation, itemizing, distribution, buying and selling, and custody. 

DBS Digital Exchange (DDEx) was launched in December 2020, aiming to use blockchain expertise to present institutional clients with a secure and clear complete digital asset ecosystem buying and selling platform together with Bitcoin(BTC), Ethereum (ETH), Ripple(XRP), and different well-known buying and selling currencies.

As reported by Blockchain.News on May 31, DBS bank-issued digital bonds with a maturity of 6 months and an annualised coupon charge of 0.6% price 15 million SGD (US$11.3 million) in its first safety token providing (STO) via its Digital Exchange (DDEx).

Image supply: Shutterstock

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