Faced with growing demand from its customers, DBS Group Holdings, Singapore’s leading bank, is extending its services to cryptocurrency trading to some of its clients. Earlier, the country’s central bank had advised against cryptocurrencies for investors in the country.
DBS Group Holdings opens up to cryptocurrency at the request of its clients
DBS Group Holdings, Singapore’s leading Bank has announced the expansion of its business to cryptocurrency trading in favor of some of its customers. According to Bloomberg, the cryptocurrency trading announced by DBS Group Holdings is only reserved for nearly 100,000 wealthy customers. Indeed, in order to buy, sell and trade crypto-currencies, DBS Group Holdings, the customer must have at least $246,000. Furthermore, the bank requires a crypto investment of at least $500.
Long before, DBS Group Holdings was already providing the crypto trading service to some of its wealthy clients. These include institutional investors, family offices, DBS Private Bank clients and DBS Treasures Private Client. The decision to expand this service was driven by growing customer demand. Indeed, the bank reportedly saw its digital asset exchange double in transaction volume between April and June. Bitcoin transactions even increased almost fourfold.
DBS Group Holdings defies the country’s central bank
DBS Group Holdings’ decision to expand its business into cryptocurrency trading runs counter to the guidance of Singapore’s central bank. Indeed, in its response to parliamentarians about digital assets, the Monetary Authority of Singapore (MAS) discouraged retail investors from investing in cryptocurrency.
The Monetary Authority of Singapore (MAS) has continued to reiterate its warnings that retail investors should not trade cryptocurrencies. Cryptocurrency prices fluctuate wildly and investors risk losing all the money they have invested in cryptocurrencies.MAS
A few months before, however, the Monetary Authority of Singapore (MAS) had shown itself ready to promote the cryptocurrency sector. In a press release issued in July, the Monetary Authority of Singapore (MAS) had promised to implement a plan to make Singapore a favorable space for crypto investments.
Next month, we will be hosting a dedicated Green Shoots seminar to share our strategies to develop Singapore as a digital asset hub.Ravi Menon, Managing Director of MAS.
The Monetary Authority of Singapore seems to have betrayed its commitment to make Singapore the hub for digital assets. This is not the case for the country’s citizens who are flocking to crypto investing. Private banks are also not resisting this wind of transition as evidenced by the decision of DBS Group Holdings. Will the central bank continue to lag behind or will it join the train? The Australian central bank has already joined the bandwagon in any case.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.