DBS Bank Expans Crypto Services In Hong Kong

DBS opens a crypto service in Hong Kong. (Photo; Doc. Financial Horse)

JAKARTA - Southeast Asia's largest bank, DBS Group Holdings, announced its plans to expand its services in Hong Kong by obtaining a digital asset license. The Straits Times reported Monday that the bank would apply for a license to offer crypto trading services to customers in Hong Kong. DBS, headquartered and listed in Singapore, is present in 18 markets worldwide.

Sebastian Paredes, CEO of DBS Bank (Hong Kong), said at a briefing on Monday February 13 that the bank plans to sell digital assets to customers in Hong Kong after regulations surrounding crypto assets in Hong Kong are clear and the bank understands its framework. Paredes stated that while DBS is aware of the risks associated with digital assets, the bank supports Hong Kong's recent policy changes.

The move demonstrates DBS' seriousness in embracing crypto technology and providing broader services for their customers. With increasing demand for digital assets around the world, banks like DBS seek to meet consumer needs by providing more flexible and innovative services.

However, risks associated with investing in digital assets must be watched out for. DBS and other banks must ensure that their consumers understand this risk and make wise investment decisions. Thus, the steps taken by banks such as DBS must be balanced with the right awareness and understanding of their consumers.

Hong Kong telah menegaskan komitmennya untuk menjadi pusat aset digital dan pemerintah kota ini sedang mempertimbangkan akses yang lebih besar kepada investor retail untuk berada mata uang kripto dan ETF. Sikap pro-kripto pemerintah Hong Kong berbeda dengan sikap anti-kripto di China.

Currently, crypto businesses continue to grow in Asia and DBS as Southeast Asia's largest bank seeking to take part in the market by applying for a license to offer crypto trading services in Hong Kong.

DBS has launched a crypto trading service in Singapore and with licenses obtained from MAS in October 2021, the bank can provide crypto services independently. The bank continues to expand its crypto business by entering the metaverse and offering products such as its first crypto trustship service and securities tokens.

DBS believes that demand for crypto services continues to rise and strives to meet those demands. By expanding crypto services to Hong Kong, DBS can reach more customers and help accelerate the adoption of digital assets in Asia.