Singapore’s DBS Bank Opens Cryptocurrency Trading Service to “Accredited” Investors
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Answer Singapore’s DBS Bank Opens Cryptocurrency Trading Service to “Accredited” Investors
Singapore’s DBS Bank will allow authorized clients with at least $246,000 in investable assets to buy, sell and trade cryptocurrencies, primarily bitcoin.
Cryptocurrency traders should invest at least $500.
The trading service will be available on the DBS digibank app.
stated Sim S Lim, Group CEO of Retail Banking and Wealth Management at DBS Bank:
As a trusted partner that helps clients grow and protect their wealth, we believe in staying ahead of the curve and providing access to the solutions they are looking for.
Expanding access to DDEx is another step in our efforts to provide savvy investors looking to dip their toes into cryptocurrencies in a seamless and secure manner.
Read:Here is what the founder of the Terra project had to say about the rise in the price of the digital currency LUNC
The announcement marks the second major expansion for eligible clients, following a pre-announcement by the bank nearly two weeks ago that it will begin offering cryptocurrency trading services to 300,000 of its wealthier Asian clients, including private banks, accredited investors, exchanges and other funds.
Prior to that, the company had around 1,000 qualified traders.
Since being approved by the Monetary Authority of Singapore to operate the cryptocurrency trading platform, DBS Vickers, the brokerage entity of DBS Bank that operates the platform, has seen a steady increase in trading activity.
Transaction volume doubled between April 2022 and June 2022, with Bitcoin trading volume seeing a fourfold increase.
Cryptocurrency trading approach in Singapore:
The Monetary Authority of Singapore previously warned against the trading of cryptocurrency by retail investors.
In January 2022, cryptocurrency ads were banned from the general public.
Proof of this will appear at the Formula One Grand Prix in Singapore, scheduled for September 30, 2022, when Crypto.com will have to remove public advertising banners during the race.
The financial regulator has come under fire for blocking Singapore from being a fintech and blockchain destination while creating bureaucratic hurdles for companies wanting to set up crypto businesses in the country.
Read:Cryptocurrency LUNC drops 20% after a Korean court issued an arrest warrant against the founder of the project
Crypto market traders anticipate further price crash…Details here
Crypto company CoinCorner enters into a partnership in Dubai to facilitate bitcoin transactions…Details here
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