March 28, 2024

Singapore's largest bank launches cryptocurrency exchange

DBS Bank, Singapore's largest bank by assets under management, believes the future belongs toDigitalassets. He launches his own cryptocurrency exchange.

An exchange called DBS Digital Exchange onThe launch will support five major cryptocurrencies - Bitcoin, Ethereum, XRP, Bitcoin Cash and Ethereum Classic. Of the fiat currencies, it is planned to support the US dollar, Singapore dollar, Hong Kong dollar and Japanese yen. The bank claims that the exchange is already working with the Monetary Authority of Singapore (MAS), which acts as the country's central bank. Information about this first appeared, and then disappeared from the official website of the bank. However, an archived version of the page has been preserved on the Internet.

DBS Digital Exchange itself will not ownno assets. All digital assets will be held by DBS Bank, an established provider of world-class custodial services. In addition, the DBS cryptocurrency exchange will allow small and medium-sized enterprises, as well as large corporations, to issue security tokens.

As a company regulated by the Monetary AuthoritySingapore, DBS noted that the new service will provide "a range of benefits, including institutional-grade security." The exchange will also be reliably protected from fraudulent activities, while strictly adhering to the rules for combating money laundering and terrorist financing.

DBS Bank is the largest bank not only in Singapore, but throughout Southeast Asia. The market capitalization of the parent company of the DBS Group bank is $ 54.1 billion.

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