Singapore’s largest commercial bank reportedly launching crypto trading

Singapore’s largest commercial bank reportedly launching crypto trading

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DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings.

According to a description of the platform shared with Cointelegraph, DBS’s upcoming crypto service — the DBS Digital Exchange — will support four major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).

The list of supported fiat currencies includes the United States dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen.

The DBS Digital Exchange will also allow small and medium-sized enterprises as well as large corporations to issue security tokens.

In the prospectus, DBS Bank said that digital assets are set to play a crucial role in the global economy.

As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service will offer “distinct advantages such as the assurance of institutional-grade security.” The upcoming bank-backed exchange also aims to also provide robust measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations, according to the document.

Credit: Cointelegraph

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