Monetary Authority Of Singapore Approves DBS Vickers To Offer Cryptocurrency Trading Services

DBS Vickers, a brokerage firm regarding the derivatives and securities under the umbrella of DBS (a Singapore-based bank), also runs a crypto exchange named DDEx (DBS Digital Exchange). It intends to straightforwardly support the companies and asset managers involved in the trade of digital tokens via DDEx. DBS stated that the firm is making the necessary developments for fulfilling the needs of MAS (Monetary Authority of Singapore) regarding a license.

The digital exchange of DBS

Besides, DBS also declared that its platform specified for members (including accredited and institutional investors) would constantly work from Monday onward. The bank mentions that this step is being taken to tackle the trading volume, and the customer demand is increasing. It added that its members’ capabilities would be enhanced regarding the avail the opportunities and cope with the hazards linked with evolution in the spot prices of cryptocurrency.

Previously, the exchange had limited its working period according to the Asian trading hours.

Eng-Kwok Seat Moey, the capital markets’ group head at DBS, pointed out the possible impact of the above-mentioned advancements. She is hopeful that the new work timing of DDEx and the Vickers’ license approval could assist in expediting the growth rate of the exchange. She further described that the company is confident that its investor base would be doubled. She revealed that these developments would enable the firm to offer integrated solutions all over the value chain of digital assets, especially in STOs (security token offerings), controlling the capability of DBS from deal origination toward tokenization, trading, distributing, listing, and custody.

Nearly 400 depositors have entered DDEx since its launch in October of the previous year. It also saw nearly $180M cumulative trading value over the Q2 of the current year. It was also indicated by the bank that it possesses across $130M in the services of custody and digital assets.

The DBS bank

The bank is considered among the prominent financial institutions engaged in crypto trading. At the beginning of this year, it has made a contract with Temasek and JPMorgan to initiate Partier (a payment platform). The target of the partnership was to develop a platform of blockchain to minimize the present hindrances faced in cross-border transactions, settlements with foreign exchanges, as well as trade transactions. A recently done analysis by the bank proposes that the bank should be aware of the advancements taking place in the crypto space.

Leave a comment