The largest bank in Singapore keeps growing the number of authorized investors it accepts as clients for its cryptocurrency exchange. To trade bitcoin, bitcoin cash, ethereum, and xrp on the bank's digital exchange, investors must put up a minimum of $500. The Monetary Authority of Singapore has remained unwavering in its support for blockchain-related technology and opposition to retail crypto trading.
An additional 100,000 of its wealthiest customers can now trade cryptocurrencies on the digital exchange DDEx according to DBS Group Holdings Ltd.
The bank will let accredited customers purchase, sell, and exchange a few cryptocurrencies, including bitcoin, if they have at least $246,000 in investable assets. Crypto traders must make a minimum $500 investment. The DBS digibank app will offer the trading feature.
Following a previous announcement by the bank about two weeks ago that it would begin providing crypto trading services to 300,000 of its wealthiest Asian clients, including private banks, accredited investors, other exchanges, and funds, this announcement represents the second significant expansion of eligible clients. The exchange had around 1,000 eligible traders before that.
The Monetary Authority of Singapore gave DBS Vickers, the brokerage arm of DBS bank that administers the exchange, permission to run a cryptocurrency exchange, and since then, trading activity has steadily increased. Between April 2022 and June 2022, the number of transactions increased, with bitcoin volume increasing by a factor of four.
Bank highlights institutional-grade infrastructure for custody
On DDEx, accredited investors can trade XRP, Ethereum, bitcoin, and bitcoin cash. On the digibank interface, customers may monitor their cryptocurrency holdings as well as the other assets in their portfolio.
DBS bank claims that "institutional-grade" custody, which places client crypto assets in cold storage and is safeguarded by numerous security layers, would keep clients' crypto assets safe.
Stablecoins will no longer be required to operate as a link between the crypto and fiat worlds because client funds will be directly deducted when they execute cryptocurrency transactions.
Singapore's cryptocurrency strategy: passive, retail investors
The Monetary Authority of Singapore has already issued warnings against retail cryptocurrency traders and, in January 2022, prohibited public display of cryptocurrency advertisements. This will be demonstrated at the forthcoming Singapore Formula One Grand Prix on September 30, 2022, when Crypto.com will be required to take down public advertising signage.
The agency has drawn criticism for promoting Singapore as a hub for distributed ledger technology and finance while simultaneously putting bureaucratic barriers in the way of enterprises looking to launch cryptocurrency operations there.
It has stated that tokenizing conventional financial assets like cash, bonds, works of art, and real estate is something it supports.
