To each his own profession and the cows will be well looked after? The banking and crypto industries have apparently decided to share a few heads of their herd.
Singapore’s largest commercial and retail bank, DBS, plans to launch its crypto exchange.
It will initially support 4 fiats and 5 cryptocurrencies.
Bitcoin in a Singaporean bank
An update posted on the DBS – and withdrawn since – indicated that it is about to embark on cryptocurrency trading.
She plans to launch her crypto platform, the DBS Digital Exchange, which will initially list the 5 major cryptos: the Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC).
Users will be able to exchange 4 fiats into cryptocurrencies: the American dollar, the singapore dollar, the Hong Kong dollar and the Japanese yen.
Information on the site specified that the bank will not hold any cryptos.
She will propose a custodial service to keep their clients’ cryptocurrencies like traditional exchanges.
The DBS Digital Exchange will also allow small and medium-sized businesses that so desire toissue security tokens.
This new crypto service from the DBS will offer specific benefits such as the assurance of institutional level security.
The bank will put in place robust prevention systems against fraudulent activity for his exchange.
It will ensure that its services comply with the regulations in force in the fight against money laundering and the financing of terrorism.
The teasing is over!
The DBS withdrew information about the future launch of its exchange on its site for two main reasons.
The first is that the showcase site intended to present the services of the platform is still being designed.
The second reason is related to the fact that the project has not yet received regulatory approvals.
The DBS further indicated that there would be no further announcement on the project until this last condition is met.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The boundaries between sectors and therefore trades are gradually blurring. The DBS takes a step towards the cryptosphere, the Wyoming SPDI license allows exchanges like Kraken and Avanti, to convert into crypto banks. The approximation movement is done in 2 directions. More room for purists in the near future?