DBS Bank, one of Singapore’s largest banks, plans to expand its crypto trading services to Hong Kong after the Hong Kong government completes its regulatory framework for the crypto industry later this year.
DBS Bank Hong Kong CEO, Sebastian Paredes, has stated that the bank plans to apply for a license to sell digital assets to its Hong Kong customers.
Despite the risks associated with digital assets, DBS Bank intends to become one of the first lenders to offer crypto in Hong Kong.
DBS Bank has already launched crypto trading services in Singapore, and it continues to grow its crypto platform for retail investors by joining Singapore’s central bank and utilizing decentralized finance technology.
The bank’s net profit increased by 20% in 2022, and its total income reached SGD 16.5 billion, marking a significant milestone for Singapore’s economy.
Hong Kong has been embracing the crypto industry, and significant banks such as DBS have been planning to penetrate the market to offer other kinds of crypto services.
DBS Bank is waiting for regulations to become adequate to navigate the market better by understanding the framework of the industry.
Singapore may be a crypto-friendly nation, but it has tightened its regulatory framework after the collapse of crypto companies such as FTX and Three Arrows Capital (3AC).