DBS Bank’s Brokerage Arm Secures Crypto License from MAS

DBS Vicker (DBSV), a brokerage arm of the leading financial services group DBS Bank, announced that it has received formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a Major Payment Institution.

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The new license enables DBSV to provide asset managers, institutional investors seamless access to DBS Digital Exchange’s solutions, supporting them to trade in digital payment tokens through DDEx.

“Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class,”Eng-Kwok Seat Moey, Head of Capital Markets at DBS and Chair of the DBS Digital Exchange said.

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“This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenisation, listing, trading and custody. We believe that DBSV’s licence, coupled with recent enhancements to DDEx such as round the-clock operations since August, could add to DDEx’s volumes in the coming months and accelerate growth momentum for DBS’ digital asset ecosystem,”Eng-Kwok Seat Moey added.

Earlier this year, DBS Bank commenced trading as a Category 4 member on the London Metal Exchange (LME)​, becoming the first bank in Asia to be issued a membership with LME outside of London.