- DBS Group Holdings expands bitcoin and cryptocurrency trading to 100,000 of its wealthiest clients.
- The bank requires capital requirements and a minimum investment of $500.
- The expansion comes on the heels of Singapore’s central bank launching a framework for digital assets earlier this month.
DBS Group Holdings Ltd. Singapore’s largest bank, is expanding its member-only exchange bitcoin and cryptocurrency trading services to 100,000 of its wealthiest clients, according to a report from Bloomberg.
Accredited investors, i.e. clients with at least $246,000 in investable assets, can buy, sell and trade bitcoin and some cryptocurrencies. In addition, the bank requires a minimum investment of $500.
Previously, this service was restricted to corporate and institutional investors, family offices, DBS Private Bank clients and DBS Treasures Private Client clients.
The bank reportedly saw digital asset exchanges double in transaction volume between April and June. More importantly, bitcoin transactions alone have nearly quadrupled.
However, as the bank increases its size in the larger ecosystem and expands its services to a wider range of investors, Singapore as a whole is still deciding which direction it should take in terms of retail investors.
Earlier this month, the Monetary Authority of Singapore (MAS), the country’s central bank, issued a statement Emphasize that retail investors should not invest in an asset class.
“Cryptocurrency prices fluctuate wildly and investors face losing all the money they made in the cryptocurrency,” MAS said.
However, after the above warning, MAS issued its Digital Asset Framework It expands well into 2025 as the regulator stated that it plans to “enable the digital currency peg” through a plan called Project Orchid.
Within the framework, MAS also plans to explore distributed ledger technology, asset tokenization, and cross-border payments. Thus, while the future of Bitcoin and retail investors remains uncertain in Singapore, it is clear that the issue is not being ignored.