DBS Bank Will Offer Crypto Services in Hong Kong

DBS Bank, Singapore’s largest bank, has said it plans to apply for a license to provide cryptocurrency services to Hong Kong clients.

Sebastian Paredes, CEO of the local division of DBS Bank, has explained:

“We plan to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong clients.”

He has also welcomed the easing of regulation and the city-state’s course towards the development of the crypto industry.

According to him, DBS Bank is ready to be one of the first to offer digital assets in Hong Kong. The bank already has experience in launching a cryptocurrency exchange in Singapore.

In February 2023, it became known that the SFC plans to hire additional specialists to provide “better control” over the activities of local virtual asset service providers (VASPs).