DBS Bank, one of Singapore’s largest banks, is set to expand its crypto trading services to Hong Kong once the Hong Kong government finalizes its regulatory framework for the crypto industry later this year.
DBS Bank Hong Kong CEO, Sebastian Paredes, has confirmed that the bank plans to apply for a license to sell digital assets to its Hong Kong customers, making it one of the first lenders to offer crypto in Hong Kong.
The move comes after DBS Bank successfully launched its crypto trading services in Singapore and grew its platform for retail investors by utilizing decentralized finance technology and partnering with Singapore’s central bank.
The bank’s net profit increased by 20% in 2022, with total income reaching SGD 16.5 billion, a significant milestone for Singapore’s economy.
Hong Kong has been actively embracing the crypto industry, with significant banks such as DBS Bank planning to penetrate the market to offer various crypto services.
However, DBS Bank is waiting for regulations to be established to better understand the framework of the industry and navigate the market more efficiently.
While Singapore is considered a crypto-friendly nation, it has tightened its regulatory framework after the collapse of crypto companies such as FTX and Three Arrows Capital (3AC).