Singapore’s largest retail and commercial bank DBS has planned to launch cryptocurrency trading and custody as well as a platform for conducting security token offerings with three new offerings.
It has been reported that DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. A description of the offering and its components appeared briefly on DBS’ website before being removed minutes later.
However, DBS’ upcoming crypto service, the DBS Digital Exchange will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and Ethereum Classic (ETC). Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen.
The report said that DBS Digital Exchange will not hold any assets itself, instead, “all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.”
Largest commercial bank in Singapore, @dbsbank, is reportedly preparing to launch a cryptocurrency trading service https://t.co/q2f0gMRLf5 — Cointelegraph (@Cointelegraph) October 27, 2020
DBS will also allow small- and medium-sized enterprises as well as large corporations to issue security tokens.
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.”
According to the document, 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.
Thus, a spokesperson for DBS said:
“DBS’ plans for a digital exchange are still [a] work in [progress], and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”