According to a report by Bloomberg, DBS Bank DBS, which has a crypto exchange in Singapore, plans to apply for a license in Hong Kong to provide digital asset services to Hong Kong customers.

Hong Kong discusses the possibility of opening up retail trading

Hong Kong passed the Anti-Money Laundering and Terrorist Financing (Amendment) Bill in December last year, and is also drafting regulatory requirements for licensed exchanges under the new system. Currently, the Securities and Futures Commission only allows professional investors (i.e. those with at least 8 million Individuals with Hong Kong dollar investable assets) conduct virtual asset transactions. Julia Leung, Chief Executive of the Hong Kong Securities and Futures Commission, said that it will formulate standards for in-depth virtual assets that allow retail investors to trade, strive to attract digital asset businesses, and achieve the effect of protecting investors.

(Extended reading: Hong Kong Monetary Authority’s Stablecoin Supervision Plan: License required, only full reserve stablecoins recognized)

DBS Digital Exchange current business

DBS Bank of Singapore launched the DBS Digital Exchange in Singapore at the end of 2020 to create a comprehensive digital asset ecosystem for corporate institutional customers and qualified investors, including the monetization, trading and custody of digital assets. . The platform currently offers the buying and selling of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Polkadot, Cardano and XRP.

After receiving in-principle approval from the Monetary Authority of Singapore, DBS Bank was officially granted a Recognized Market Operator (RMO) license to engage in market trading activities in assets such as stocks, bonds and private equity funds.

According to a report by Bloomberg, the number of Bitcoins traded on the DBS digital trading platform surged by 80% last year, while the number of Bitcoins in custody as of December 31 also more than doubled from the same period last year. Lionel Lim, CEO of DBS Digital Trading Platform, said:

Markets have decisively shifted their focus towards trust and stability, especially in the wake of a number of scandals that have rocked the industry. DBS Bank will also strive for the opportunity of "high-quality STO listing in 2023".

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