The management of DBS Bank, which is considered one of the largest in Singapore, reports that it is expanding the range of cryptocurrency services for several hundred thousand wealthy clients in the region. At the end of last year, officials of the country’s monetary authority issued a license to one of the bank’s divisions for virtual assets. This enabled the bank to offer its wealthy clients access to its own DBS exchange.
What does the bank offer its VIP clients
At the moment, no more than a thousand users are registered on the exchange. According to the bank’s executive director P. Gult, the bank will provide the service very soon using its own banking application. This opens access to several hundred thousand wealthy clients in the region, including commercial banks, accredited investors, other funds and exchanges.
Due to the application, the process of accessing banking services becomes more convenient and secure for customers. At this moment, the bank, which is one of the largest in the country, has the financial capacity to create its own exchange and other services.
During the first half of 2022, the number of trading operations on the bank’s site increased several times. According to the bank’s management, this indicates that customers trust the bank and continue to work with it further.
The bank is confident that due to the fact that there was a recession in the cryptocurrency assets market, it became obvious that only stable financial structures can and should provide services related to virtual assets, and not crypto startups at all.
Cryptocurrency startups are not able to offer traders and investors services and products from the field of cryptocurrencies, because they have an unstable financial situation. Therefore, they do not have the appropriate financial resources, trusting them to implement crypto services is extremely risky, as the current recession has shown.
What is Singapore’s policy in the field of cryptocurrencies
Singapore prefers to pursue a balanced policy towards cryptocurrencies in general. The authorities want to make the state one of the leading cryptocurrency hubs in the region. Attracting investors from foundations and individuals into Singapore’s digital economy is an important task for the government.
At the same time, the government wants to protect investment funds and individuals from bankruptcy, such as Terraform Labs. The number of people willing to use cryptocurrencies in Singapore is gradually growing, so the authorities are concerned that citizens and companies do not become victims of fraudulent schemes and financial pyramids. Therefore, the Singapore government is trying to simultaneously introduce new rules that allow for effective supervision, and at the same time maintain a liberal policy in the field of cryptocurrencies.
A similar policy is being pursued by the Arab states, where the most favored nation regime for cryptocurrency startups and exchanges has been created. The Singapore government is adopting the experience of Arab countries to become the leading cryptocurrency hub in its region.
In turn, DBS will continue its policy of expanding cryptocurrency services for its wealthy clients, offering them appropriate products. Competition between commercial banks in the Asian region is intensifying for customers, so we have to look for different ways to increase the customer base.
