DBS Group, a bank owned by the state of Singapore, has planned to grow its crypto services network to Hong Kong as the region makes efforts to gain the status of a crypto asset hub.
DBS Bank decided to apply for registration to enable it to provide Hong Kong customers with crypto exchange services, as reported by Bloomberg on the 13th of February. According to Sebastian Paredes, the CEO of DBS Bank Hong Kong, the bank wishes to secure a license to allow it to sell virtual assets to its customers in Hong Kong.
The CEO continued to say that the bank expects new crypto regulations in the region and is sensitive to the fact that these digital assets come with associated risks. The financial institution wishes to turn into one of the first banks to provide cryptocurrency in Hong Kong as soon as the rules are fully comprehensible, and DBS has a clear picture of the framework.
A few years ago, in 2020, DBS Bank chose to enter the crypto industry by rolling out its institutional cryptocurrency trading platform in Singapore. The financial institution also began to develop the expansion of its cryptocurrency platform to include retail investors. Last but not least, DBS began to apply DeFi technology to collaborative projects made in partnership with the central bank of Singapore.
Recently, DBS Bank announced that its net profit increased by 20 per cent, reaching a record of USD 6.7 billion for 2022. The total value of its income rose 16 per cent to USD 12.4 billion, a first in the banks history.