• DBS Group Holdings Ltd applies for a license in Hong Kong, and makes plans to expand Bitcoin and crypto services to its customers in Hong Kong.

  • Hong Kong is dedicated to becoming the digital asset hub. 

Hong Kong is not taking any break on its mission to become a designated hub for digital assets in the nation, and across all of Asia, and outsiders are already treating it as such.

According to a recent report from Bloomberg media outlet, DBS Group Holdings Ltd is making serious plans to apply for a license in Hong Kong. The license will permit DBS Group Holdings to begin to offer crypto toots customer base in Hong Kong.

Sebastian Paredes, the Chief executive of DBS bank holdings made this known in a briefing in Hong Kong on Monday.

We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,

Every nation opening its doors to digital currencies is doing so very carefully. Countries do this to avoid the dangers and inconsistencies associated with the market. Sebastian Paredes also noted this. He explains that DBS is going to welcome the crypto-related policies established by Hong Kong’s policymakers.

DBS holdings is playing the long game with the move. Paredes has explained that the bank is setting its sight on becoming one of the first lenders that will offer crypto in Hong Kong. This, of course, is only after DBS “understands exactly the framework” in Hong Kong.

DBS bank is fully open to cryptocurrency, and so is Hong Kong

DBS Bank Ltd. is a Singaporean multinational banking and financial services corporation. DBS is headquartered in Marina Bay Financial, in the Marina Bay district of Singapore. DBS served Asia with its financial services and has over 280 branches in 28 markets.

Prior to making this move, DBS welcomed crypto fully in 2020. It announced plans to set up a cryptocurrency exchange platform that year.

The DBS Digital Exchange will enable Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP) trading. However, accessibility will be exclusive to institutional and accredited investors only. DBS Digital Exchange will also create another arm dedicated to tokenizing assets like bonds, private equity funds, and shares from private companies.

Hong Kong plans to harness the power of cryptocurrency and web3 technologies. Hong Kong has made it public knowledge that it is well come in of digital assets in the region. The local government will be thrilled to partner with cryptocurrency and fintech startups in 2023. Paul Chan, The financial secretary in Hong Kong said in January.

Hong Kong’s legislative council has also previously passed legislation for crypto. The legislation was meant to build a licensing system for platforms offering digital asset services in 2022.