DBS Receives In-Principle Crypto Approval in Singapore

DBS becomes Singapore’s second crypto player to secure an in-principle approval from the Monetary Authority of Singapore to offer token services.

DBS Vickers – the brokerage arm of DBS – has received in-principle approval from the MAS under the Payment Services (PS) Act to provide digital payment token services, according to a statement.

As a member of DBS Digital Exchange (DDEx), DBS Vickers will be able to «directly support asset managers and companies to trade in digital payment tokens through DDEx.

DBS will also upgrade its digital exchange with operations running beyond the previous Asian hours to round-the-clock trading from August 16.

We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand,» said DBS group head of capital markets Eng-Kwok Seat Moey.

This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx. We are confident of doubling our investor base by the end of the year.

DDEx has just completed its second quarter since launching in December 2020 and houses around 400 investors with close to S$130 million ($95.8 million) of digital assets in its custodial services.

Trading volume in the second quarter reached S$180 million, more than quintupling the previous quarter.

In June, DDEx listed its inaugural security token offering in the form of a S$15 million digital bond.