The most important Singapore-based financial institution DBS confirmed that it’s planning to launch a retail-focused crypto buying and selling desk in 2022, after final 12 months doing the identical for accredited traders and company prospects.
The plans embrace an internet portal that enables purchasers to position orders for varied digital belongings, just like how different crypto exchanges work, DBS CEO Piyush Gupta said throughout a presentation of the financial institution’s monetary outcomes for the 4th quarter of 2021 at this time.
For now, the financial institution will deal with making using its current corporate-focused digital asset buying and selling desk extra handy for customers, with an purpose to “increase it past the present investor base” later within the 12 months.
“[…] we must always have one thing by the tip of the 12 months,” Gupta mentioned noting that there’s “a lot of work to do with suitability and anti-fraud […].”
Underneath the present procedures, purchasers of the DBS crypto buying and selling desk – which incorporates sure firms and accredited traders – must name the financial institution to position their crypto trades by telephone. In accordance with Gupta, nevertheless, the plan for this 12 months is to make all the things work on-line, and have purchasers place orders themselves.
The announcement of a retail buying and selling desk for digital belongings at this time follows experiences from late 2020 in regards to the financial institution planning to arrange its personal digital asset alternate. Again then, the financial institution mentioned the plans embrace a “full-service digital alternate” that will even present tokenization choices for unlisted firms that wish to digitize their belongings, in addition to buying and selling and a “custody ecosystem for digital belongings.”
In the meantime, the financial institution in August of 2021 announced that it had acquired approval from the Financial Authority of Singapore to “present digital cost token providers.” The month additionally marked the opening of the financial institution’s digital asset alternate for firms, which within the second quarter of final 12 months noticed buying and selling volumes of SGD 180m (USD 134m), based on the financial institution.
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