August 12, 2021
The brokerage arm of DBS, DBS Vickers (DBSV), has gotten in-principle approval in the Financial Authority of Singapore (MAS) to supply buying and selling services for digital payment tokens, according to the Straits Times.
DBS Digital Exchange (DDEx) – a people-only exchange for institutional and accredited investors – may also operate twenty-four hours a day from Monday, “to focus on growing buying and selling volume amongst growing client demand”, DBS stated. The move will enhance members’ capability to seize possibilities and manage risks as a result of alterations in cryptocurrency place prices, the financial institution added.
The exchange, which recorded close to $180 million in total trading value in the second quarter of this year, had first operated only during Asian trading hours. Once licensed by the MAS, Vickers will be able to directly support asset managers and companies to trade in digital payment tokens through the DDEx, of which Vickers is a member.
As at the end of June, around 400 investors have joined DDEx to trade. DBS also has more than $130 million in digital assets in its custodial services, the bank said.