Digital Assets are the new everything! Singapore seems to be the latest to jump onto the bandwagon as countries and financial institutions have been steering towards setting up digital asset friendly platforms. The largest bank in the Asian country recently revealed its interest in the crypto-verse. While both tradings of crypto and crypto exchanges are legal in Singapore, DBS revealed that it had joined hands with Singapore Exchange [SGX] to roll out a digital asset exchange.
Singapore Dwells Deep Into Crypto
The largest bank in the Asian country, DBS revealed that it would launch an exchange that focuses on digital assets. The bank sought support from the Singapore Exchange that would acquire a 10% stake in the yet to be launched digital exchange. The digital exchange would be called DBS Digital Exchange and will be made available by next week.
While the exchange has listed an array of assets that would be paired against yet again several fiat currencies, the DBS Digital Exchange will be limited to institutional as well as accredited investors only. Speaking about the same the Group CEO at DBS, Piyush Gupta pointed out that the digitalization of assets paves the way for an array of opportunities to reshape the markets. He further added,
“For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading. DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”
The DBS Digital Exchange would support crypto assets including, Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] along with fiat currencies, Singapore Dollar [SGD], US Dollar [USD], Hong Kong Dollar [HKD], and the Japanese Yen [JPY]. Along with this, the exchange will reportedly present its users with Security Token Offerings along with Digital Custody Services.
The announcement also revealed that the platform had garnered approval from the Monetary Authority of Singapore [MAS]. Elaborating on the 10% stake of the Singapore Stock Exchange (SGX), the CEO of SGX, Loh Boon Chye said that with its latest move, both the platforms hope to “bring trust and efficiency in price discovery to the global digital assets space.”