Another Asian bank joins the club of believers who think that digital currency and assets are the future of the worldwide economy.
It has been confirmed from the news that a bank called, DBS is going to become part of the crypto industry.
DBS is a global financial institution headquartered in Singapore. It is one of the largest retail financial institutions of Singapore which lends financial assistance to local and international businesses.
As per the news provided by Cointelegraph, it has been told that DBS is going to launch crypto trading services. The services will also include allowing customers to trade in tokenized securities as well. The initiative was got published on the Bank’s website but later on, it was removed for reasons unknown.
However, it has been confirmed that DBS is launching an exchange under the name and style of “DBS Digital Exchange”. This exchange will initially render crypto services in five major digital currencies. These currencies will include Bitcoin, Ethereum, Ethereum Classic, XRP, and Bitcoin Cash.
The transactions at the exchange can be done either through crypto or on the basis of fiat currencies. For fiat, four traditional currencies have been picked which include Singapore Dollar, US Dollar, Hong Kong Dollar, and Japanese Yen. This means that if a customer wants to purchase cryptocurrency then he can only select one of these four currencies.
The good news for customers is that all assets and funds entrusted to exchange will be kept with DBS Bank. This will ensure the safety of the funds/assets because DBS Bank is the world’s pioneer bank when it comes to custodial services.
It has been further told that all SMEs along with large enterprises will be allowed to issue their tokenized securities.
DBS Digital Exchange is going to be a regulated exchange under the Monetary Authority of Singapore. In view of this DBS also stated that this will give additional advantages to the customers of DBS Digital Exchange. In particular, they will enjoy the privilege of being backed by a globally recognized financial institution. Secondly, DBS will make sure to provide high-end protocol so as to avoid any fraudulent or illicit activities taking place.
It was also informed that DBS Digital Exchange will ensure strict compliance with the KYC and Anti-Money Laundering policies. Additionally, the Counter Terrorist Financing Regulations will be applicable upon the exchange, told DBS Bank.
DBS has stated specifically that the project is still under development and will be launched soon.
A high official of DBS Bank also told Cointelegraph that DBS wants to launch the project as early as possible. However there are certain requirements which need to be fulfilled before the launch. For example, the exchange has applied for obtaining the license. But so far no approval has been granted by the Singapore Regulator.