DBS Bank to launch a Bitcoin exchange focused on retail customers

Singapore’s largest bank DBS Bank plans to open by the end of 2022 a platform for trading digital assets aimed at retail investors. The announcement was made by its CEO Piyush Gupta at a conference with analysts, CoinDesk reports.

The top executive said that in implementing the initiative DBS Bank expects ‘a lot of work’ in the areas of anti-fraud measures and regulatory compliance. Details were not provided.

In early 2021 the institution launched a Bitcoin exchange for institutions. Forklog reported on similar plans in October 2020. The platform’s volume for the previous year amounted to about $819 million, with $595.5 million in the fourth quarter.

In the first half of 2022 the bank will focus on moving the service online for existing clients. Currently they must submit trading orders by voice.

In August 2021, DBS Bank reported that the Monetary Authority of Singapore had granted in-principle approval to provide crypto-asset services to asset managers and companies.

In May the bank listed on its digital assets platform security tokens for SGD 15 million ($11.3 million).

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