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DBS Vickers gets approval for crypto trading license from Singaporean authorities

DBS Vickers gets approval for crypto trading license from Singaporean authorities

Saudu Clement
Saudu Clement

The Monetary Authority of Singapore (MAS) has given a node to DBS Vickers, the brokerage arm of Singapore’s DBS bank, to provide digital payment token (DPT) services under the Payment Services Act.

Singapore’s DBS bank, which is the biggest loan shark in southeastern Asia, has always been a pacesetter with regard to crypto innovation in the region. Its cryptocurrency exchange platform DBS Digital Exchange (DDEx) operates under a recognized license and was one of the first trading platforms to be owned by a traditional Asian bank.

The bank announced on Thursday that its brokerage arm was working through the necessary follow-ups to meet the regulator’s requirements for a license. If the license is issued, DBS Vickers will become a part of DDEx and can directly support trades in digital payments through DDEx.

Meanwhile, DDEx is slated to start round-the-clock services for the first time on Monday, August 16.

Speaking in a statement, the Group Head of Capital Markets at DBS, Eng-Kwok Seat Moey, said:

This bodes well for our ability to provide integrated solutions across the digital asset value chain notably in the form of STOs, leveraging DBS’ expertise in deal origination to tokenization, listing, distribution, trading, and custody. This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.