- Previously, only the “corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client” had access to the mobile app to manage funds.
- For now, the updated version of the app would assist clients to manage digital assets.
The largest bank in Singapore, DBS Group Holdings Ltd, has reportedly expanded access to crypto trading services on its members-only digital exchange. This means investors at the DBS Treasures segment would have the option to trade Bitcoin, Ethereum, Bitcoin Cash, and XRP on its exchange. It is important to note that investors are demanded to have investable assets of $246,000 to be part of the Treasures segment.
Previously, only the “corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client” had access to the mobile app to manage funds. For now, the updated version of the app which would assist clients to manage digital assets has been modified to be less clunky. In addition, the scalability has been improved to accommodate more users.
Piyush Gupta, the bank’s CEO in a statement mentioned that the bank believes that the ecosystem needs an established and regulated institution that renders more services compared to startup companies.
On the one hand, we want to be a global crypto hub. On the other hand, we’re also very worried about our domestic population getting burned with this speculative asset class.
He also disclosed that the bank’s decision to expand its infrastructure to protect consumers is due to the recent market downtrend.
DBS expansion comes after Singapore Bitcoin trading restrictions
Following the recent updates, about 100,000 of the bank’s clients would be able to invest a minimum of $500 while accessing the services. The bank has recorded some incredible figures since getting into crypto. According to reports, the total trade on the exchange doubled between April and June. Interestingly, the quantity of Bitcoin purchases surged by nearly 400 percent.
The decision to widen access to a crypto service stems from the wealthy clients of the bank’s changing preference for self-directed investment routes. This is according to DBS.
Recently, the Monetary Authority of Singapore (MAS) issued a statement restricting retail investors from using leverage and credit facilities to trade crypto. According to managing director Ravi Menon, many people are rationally oblivious to the risk.
In a seminar titled “Yes to Digital Asset Innovation, No to Cryptocurrency Speculation,” Menon mentioned that the borderless nature of cryptocurrencies would make banning digital assets not work.
There is greater impetus now among global regulators to enhance regulations in this space. MAS will also do so.
According to him, crypto is very hazardous to investors and is not suitable to be recognized as money due to its volatility. However, he admitted that Tokenization and distributed ledgers have economic potential.