DBS Bank to offer cryptocurrency services in Hong Kong

Singapore’s largest bank DBS Bank plans to apply for a licence to offer cryptocurrency services to clients in Hong Kong. Bloomberg reports.

“We plan to apply for a licence in Hong Kong so the bank can sell digital assets to our Hong Kong clients,” said Sebastián Paredes, CEO of the bank’s local unit.

He also welcomed softening of regulation and the city-state’s push for development of the crypto industry. According to Paredes, DBS Bank is ready to offer digital assets in Hong Kong among the first. The bank already has experience launching a cryptocurrency exchange in Singapore.

In February 2023, it emerged that the SFC hire additional specialists to ensure ‘better oversight’ of the activities of local virtual asset service providers (VASPs).

Back in December 2022, the Legislative Council of Hong Kong passed amendments to the Anti-Money Laundering and Counter-Terrorism Financing Ordinance, extending its scope to VASPs from 1 June 2023.