Singapore’s largest lender won’t expand cryptocurrency trading on its exchange to retail investors any time soon due to “regulatory restrictions” in the island state.

See related article: How Singapore is reimagining its ‘Asian crypto hub’ image

Fast facts

  • CEO Piyush Gupta said that regulatory agencies are “rightfully concerned” about holding back cryptocurrency trading for retail investors.
  • The bank had planned to allow retail investors to trade in crypto by the end of 2022.
  • Launched in December 2020, the DBS Digital Exchange (DDEx) only allows institutional and accredited investors to trade cryptocurrencies on its platform.
  • Digital assets custody on the DDEx rose to above S$800 million at the end of 2021 while overall trading volume crossed S$1 billion.

See related article: Singapore crypto ATMs shut down to comply with central bank rules