Following regulatory approval in Singapore, DBS the country largest bank has stated that by Monday its crypto exchange will start operating, allowing institutional investors to trade Bitcoin.
DBS Bank, Singapore’s largest bank, has added another regulatory clearance to its list of supported bitcoin services.
The Monetary Authority of Singapore (MAS) has given DBS Vickers (DBSV) in-principle clearance to provide digital payment token services as a payment institution, the business officially stated Thursday.
The permission is made possible by Singapore’s Payment Services Act, which allows DBSV to obtain a payment license. Once regulated, DBS Bank’s cryptocurrency-enabled exchange, DBS Digital Exchange, will be able to directly service asset managers and firms trading in digital payment tokens (DDEx).
DBS also announced that beginning next Monday, DDEx will be open 24 hours a day, seven days a week, allowing investors to trade on the platform at any time.
According to the company, the exchange initially only operated during Asian trade hours. DDEx, which launched in late 2020, allows institutional investors to trade major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH).
DBS’s global head of capital markets, Eng-Kwok Seat Moey, stated that the company has seen an increase in demand for digital payment token services from corporations and asset managers.
“This could boost DDEx’s volumes in the coming months, and, along with DDEx’s new round-the-clock operation, assist accelerate DDEx’s growth,” he said.
Following the establishment of a crypto exchange in December, DBS Bank has been actively expanding its range of supported digital asset-related services.
DBS Trustee, DBS Private Bank’s wholly-owned trust organization, announced a bitcoin trust service in May. In the first quarter of 2021, the company announced a tenfold increase in volume on its cryptocurrency exchange.
The latest news comes after the MAS granted Independent Reserve, an Australian crypto exchange, its first in-principle license last week, allowing it to operate as a fully regulated virtual asset service provider.
