Bitcoin: Singapore’s largest bank with $686B assets and management to offer BTC and crypto to its customers

• DBS Group Holdings Ltd is applying for a license in Hong Kong, and plans to expand Bitcoin and crypto services to its customers in Hong Kong.

• Hong Kong is dedicated to becoming a hub for digital assets.

Hong Kong is taking no breaks in its mission to become a designated hub for digital assets in the country, and across Asia, and outsiders are already treating it as such.

According to a recent report by Bloomberg media, DBS Group Holdings Ltd is making serious plans to apply for a license in Hong Kong. The license will allow DBS Group Holdings to start offering cryptotoot customer base in Hong Kong.

Sebastian Paredes, CEO of DBS Bank Holdings, made this known in a briefing in Hong Kong on Monday.

We plan to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong customers,

Every nation that opens its doors to digital currencies does so very carefully. Countries do this to avoid the dangers and inconsistencies associated with the market. Sebastian Paredes also noted this. He explains that DBS will welcome the crypto-related guidelines established by Hong Kong’s policy makers.

DBS holdings is playing the long game with the move. Paredes has explained that the bank aims to be one of the first lenders to offer crypto in Hong Kong. Of course, this is only after DBS “exactly understands the framework” in Hong Kong.

DBS bank is fully open to cryptocurrency and so is Hong Kong

DBS Bank Ltd. is a Singaporean multinational banking and finance company. DBS is headquartered in Marina Bay Financial, in the Marina Bay district of Singapore. DBS served Asia with its financial services and has over 280 branches in 28 markets.

Prior to this move, DBS fully welcomed crypto in 2020. It announced plans to set up a cryptocurrency exchange platform that year.

DBS Digital Exchange will enable trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP). However, availability will be exclusive to institutional and accredited investors only. DBS Digital Exchange will also create another arm dedicated to the tokenization of assets such as bonds, private equity funds and shares of private companies.

Hong Kong plans to harness the power of cryptocurrency and web3 technologies. Hong Kong has made it publicly known that there has been a good influx of digital assets into the region. The local government will be excited to partner with cryptocurrency and fintech startups in 2023, Paul Chan, the finance secretary of Hong Kong said in January.

Hong Kong’s Legislative Council has also passed crypto legislation in the past. The legislation was intended to build a licensing system for platforms offering digital asset services by 2022.

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