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Singapore’s DBS Expands Crypto Trading For Wealthier Clients
DBS Group Holdings Ltd., Singapore’s largest bank, has widened access to a crypto trading service on its members-only digital exchange.
Harshvardhan
9:32 23rd Sep, 2022
Adoption
  • Bank is allowing greater use of DBS Digital Exchange platform.
  • Qualified clients can trade Bitcoin, Bitcoin Cash, Ether, XRP.

The step comes as the bank’s wealth clients are increasingly choosing self-directed investment routes, DBS said in a statement Friday.

Accredited investors in the DBS Treasures segment -- which requires investable assets of S$350,000 ($246,000) -- will now be able to trade tokens including Bitcoin, Bitcoin Cash, Ether and XRP on DBS Digital Exchange.

About 100,000 of these clients in Singapore will be able to access the services with a minimum investment of $500. The service was previously limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client.

Between April and June, total trades on the digital exchange doubled and the quantity of Bitcoin bought rose nearly four times, according to the bank.

While accredited investors may be getting more ways of accessing crypto trading, the picture is somewhat different for the conventional retail segment after a rout in digital assets this year and blowups that buffeted the city state.

The Monetary Authority of Singapore, for instance, is considering restricting retail investors’ use of leverage and credit facilities to trade crypto as it joins global regulators in forging rules to govern digital assets.

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