Singapore’s largest bank DBS Bank, part of the DBS Group holding, announced the launch of a cryptocurrency exchange. After some time the notice disappeared from the website, but remained accessible in its archived version.
Among the cryptocurrencies supported on the DBS Digital Exchange are BTC, BCH, ETH, XRP in pairs with the Singapore dollar, Hong Kong dollar, and US dollar, as well as the Japanese yen.
An archived press release indicates that regulation of the exchange would be handled by the Monetary Authority of Singapore. The bank itself would be responsible for custody of assets, having developed an institutional-grade DBS Digital Custody.
If the new trading venue goes live, access will be granted to financial institutions and professional market-makers. Individual investors will be allowed to trade through approved intermediaries.
DBS Bank representatives also announced plans to host tokenised securities (STOs) offerings on the DBS Digital Exchange.
“Through the DBS Digital Exchange, companies and investors can leverage an integrated ecosystem of solutions to capitalise on the enormous potential of private capital markets and digital currencies,” the bank said.
A DBS spokesperson later said the bank’s plans to create a cryptocurrency exchange are still under development. The initiative has not yet received regulatory approval, CoinDesk reports.
In September, the Singapore Exchange (SGX) added the first cryptocurrency indices in its history — the iEdge Bitcoin Index and the iEdge Ethereum Index. Later SGX issued blockchain-backed bonds.
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