DBS Holdings, the biggest bank in Singapore, is applying for a license to sell cryptocurrencies to customers in Hong Kong.
DBS Group Holdings Ltd. plans to file an application for a license that would allow it to offer bitcoin to customers in Hong Kong as the city works to establish itself as a hub for digital assets.
DBS bank runs a digital exchange in Singapore, and it made its cryptocurrency trading platform available to the public last year. The city-state has taken a harsher approach after industry heavyweights like the Three Arrows Capital hedge fund and bitcoin lender Hodlnaut were destroyed by the collapse last year.
On Monday, Sebastian Paredes, CEO of DBS Bank’s Hong Kong branch, said:
“We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers”
Paul Chan, Hong Kong’s financial secretary, said last month that the city is still committed to being a regional centre for cryptocurrency.
The city is making a concerted effort to attract businesses that deal in digital assets. Additionally, he stated at the time that additional crypto licenses would be issued and that their standards would be in line with those of other countries.
This occurred in spite of FTX’s collapse, which wiped off billions of dollars from the cryptocurrency market. Several additional crypto-related businesses have declared bankruptcy. Since that time, the SEC has cracked down on other companies, most recently Kraken.
