CJ - Cryptocurrency Enthusiast
According to reports, DBS Group Holdings Ltd., Singapore's largest bank, is now accepting new clients for its exclusive cryptocurrency trading service for members. According to the press release, the decision was made in response to the rich clientele of the bank's rising preference for self-directed investing plans.
The DBS Treasures portion of the DBS Digital Exchange now allows accredited investors to trade Bitcoin, Bitcoin Cash, Ether, and XRP, with a minimum investment requirement of S$350,000 ($246,000).
With a $500 minimum commitment, the services will be available to about 100,000 Singaporeans. Up until recently, the service was exclusively available to corporate and institutional investors, family offices, clients of DBS Private Bank, and users of DBS Treasures Private Client. According to the bank, between April and June, there were around four times as many deals on the digital exchange and nearly as much Bitcoin was bought.
DBS has recently made several pro-cryptocurrency trading gestures, including this one. Piyush Gupta, CEO of DBS since 2009, stated earlier this month that established and regulated financial institutions, not simply start-ups, should be providing products like trading crypto assets for ordinary investors considering the recent decrease in the value of cryptocurrencies.
Gupta continued by saying that DBS must support Singapore's effort to create cutting-edge financial technologies.
The scenario for Singapore's retail crypto sector is rather different, though. The managing director of the Singapore Monetary Authority Ravi Menon said the organization will restrict retail access to cryptocurrency investment and provide "additional steps to avoid consumer damage”. However, Menon did reiterate the MAS's belief in the "transformative" economic potential of the wider ecosystem of digital assets, which also includes tokenized digital copies of traditional assets.