Singapore’s largest bank, DBS Group, is planning to apply for a license that would enable it to offer crypto services to Hong Kong customers as the Chinese territory seeks to establish itself as a digital asset hub.
DBS Bank Hong Kong CEO, Sebastian Paredes, said that the bank is planning to apply for the license in Hong Kong and become one of the first lenders to offer crypto services in the territory, pending clearer regulations and a full understanding of the regulatory framework.
The move follows last month’s announcement by Paul Chan, Hong Kong’s Financial Secretary, that the government had completed the necessary legislative work to establish a licensing system for virtual asset service providers. DBS launched an institutional crypto exchange in Singapore in 2020 and a self-directed crypto trading service for accredited investors in 2022.
The bank also began integrating decentralized finance applications into its markets in November. Hong Kong recently indicated that it may lift the ban on retail crypto trading in a move aimed at boosting the territory’s economic growth.
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