DBS Bank slams brakes on retail crypto trading

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