Piyush Gupta, CEO of DBS Bank Limited, a multinational bank located in Singapore, declared on Friday that the worldwide bank will not offer cryptocurrency exchanges to retail clients this year.
The CEO stated that officials are not happy with crypto exchange for regular investors. However, Gupta stated that he would want to see the service offered this year, but the process is taking longer than intended. DBS now exclusively offers cryptocurrency trading to corporate investors and professional investors.
The Monetary Authority of Singapore (MAS) is opposed to the mass public trade of cryptocurrencies.
The Singapore Central Bank has discovered that certain crypto service providers have been actively marketing their services through online and physical advertisements, as well as in public places, encouraging users to trade digital coins on emotion without truly understanding the dangers. As a result, the regulator prohibited general-public crypto marketing operations in January.
Crypto service by DBS
DBS has been providing crypto services to certain of its clients for quite some time. The bank established a digital asset marketplace in December 2020, allowing institutional and professional investors to trade digital assets such as cryptos and asset tokenization.
Following the Central Bank’s permission to accept DBS Digital Exchange as a recognised market operator, the exchange was launched. DBS’s cryptocurrency business has grown rapidly since the debut of its digital asset exchange platform.
