{"id":17643,"date":"2023-02-14T23:25:21","date_gmt":"2023-02-14T23:25:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/southeast-asias-largest-bank-dbs-unveils-plan-to-expand-crypto-services-in-hong-kong-featured-bitcoin-news\/"},"modified":"2023-02-14T23:25:21","modified_gmt":"2023-02-14T23:25:21","slug":"southeast-asias-largest-bank-dbs-unveils-plan-to-expand-crypto-services-in-hong-kong-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/southeast-asias-largest-bank-dbs-unveils-plan-to-expand-crypto-services-in-hong-kong-featured-bitcoin-news\/","title":{"rendered":"Southeast Asia’s Largest Bank DBS Unveils Plan to Expand Crypto Services in Hong Kong \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

DBS, the largest bank in Southeast Asia, has unveiled its plan to expand its crypto services in Hong Kong. \u201cWe are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,\u201d said an executive of the bank.<\/strong><\/p>\n

DBS Bank to Apply for Digital Asset License in Hong Kong<\/h2>\n

DBS Group Holdings has unveiled its plan to expand its services in Hong Kong. The Straits Times reported Monday that the bank plans to apply for a license to offer crypto trading services to Hong Kong customers. Headquartered and listed in Singapore, DBS is the largest bank in Southeast Asia with a presence in 18 markets.<\/p>\n

Sebastian Paredes, CEO of DBS Bank (Hong Kong), said at a briefing on Monday:<\/p>\n

\n

We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers.<\/p>\n<\/blockquote>\n

The executive stated that once the regulations around crypto assets in Hong Kong are clear and the bank \u201cunderstands exactly the framework,\u201d DBS will be among the lenders interested in participating. He noted that while DBS is aware of the risks associated with digital assets, the bank is supportive of Hong Kong\u2019s recent policy shift.<\/p>\n

Hong Kong is currently seeking to attract digital asset businesses. In January, Financial Secretary Paul Chan Mo-po reaffirmed the city\u2019s commitment to become a crypto hub<\/a>. Unlike China\u2019s anti-crypto stance, the Hong Kong government is considering granting greater access<\/a> for retail investors to trade in cryptocurrencies and crypto exchange-traded funds (ETFs).<\/p>\n

DBS launched a full-service bitcoin exchange<\/a> in Singapore for corporate and institutional investors in late 2020. After seeing increased trading volume<\/a>, the bank launched a crypto trust service<\/a>, followed by its first security token offering<\/a>. DBS continued to expand<\/a> its crypto business citing \u201cgrowing demand.\u201d<\/p>\n

The bank obtained a license<\/a> from the Monetary Authority of Singapore (MAS) to provide crypto services in October 2021 and subsequently launched a self-directed<\/a> crypto trading service. Furthermore, DBS entered the metaverse<\/a> in September last year.<\/p>\n

What do you think about DBS Bank expanding its crypto services in Hong Kong? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n