The Development Bank of Singapore Limited, known as DBS is taking a rain check on retail crypto trading services that it apparently was gearing up to provide following the launch of an institutional digital asset trading desk DDEx.
During the call for DBS’ Annual General Meeting, Chief Executive Officer Piyush Gupta stated that the bank will not offer cryptocurrency trading services to retail customers in the “immediate future.”
This contradicts one of Southeast Asia’s largest banks’ earlier plans to launch crypto trading services for retail clients this year and prioritize easy access to the retail-focused digital asset trading platform for its existing customer base.
In a recent interview, CEO Piyush Gupta stated that local governments are “rightfully concerned” about allowing digital asset services in the retail sector.
He explains the reason for this u-turn stance on the asset class in the AGM. He stated that with time, crypto assets and digital currencies would become more prevalent. Because it is unavoidable, the world will eventually come to terms with the asset class. Although it will not be able to replace money, it will undoubtedly play an important role in being a story value.
“But I’m not holding my breath. I don’t think the environment will allow us to make it available to retail anytime in the immediate future” he said.
It’s no secret that the Monetary Authority of Singapore (MAS) isn’t a fan of retail crypto trading. Earlier this year, it issued guidelines asking crypto firms not to promote their services to the general public in Singapore, and it warned the public that trading cryptocurrencies are extremely risky.
