DBS Bank to launch Retail Crypto Trading in 2022
By MYBRANDBOOK
Piyush Gupta, CEO, DBS Bank has confirmed that the bank is planning to expand its crypto trending facility to its retail customers by the end of the year. Currently, the bank’s crypto trading service is limited only to institutional clients, who can only place crypto orders by calling the bank over the phone. The plan, according to Gupta, is to build an online digital assets exchange that will remain open 24/7.
Gupta said, “We are starting the initial work to expand it beyond the current investor base. Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”
DBS Bank’s decision to expand its crypto trading offering to cater to the retail market is unsurprising given last year’s spike in demand for crypto services. According to the CEO of DBS Digital Exchange, Lionel Lim, the exchange’s full-year crypto trading volume for 2021 jumped to $1.1 billion. $585.5 million of that was recorded in the fourth quarter alone.
As it has already acquired the Digital Payment Token License, DBS Bank is legally allowed to offer crypto trading services to retail customers, but it will not be allowed to market them. In January, the MAS issued guidelines to “discourage cryptocurrency trading by the general public,” forbidding providers from promoting crypto trading services through advertising in public areas or using third parties such as social media influencers.
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