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.
- The Monetary Authority of Singapore (MAS) has cautioned the general public against investing in cryptocurrencies, a spokesperson for the central bank told Forkast last month.
- MAS’ January guidelines restrict cryptocurrency service providers from marketing or promoting their services to the general public.
- Only four exchanges are licensed to provide crypto services in Singapore.
See related article: Singapore crypto ATMs shut down to comply with central bank rules
