- DBS Group Holdings expands bitcoin and crypto trading to 100,000 of its wealthiest customers.
- The bank requires capital requirements and a minimum investment of $500.
- The expansion follows the central bank of Singapore’s release of a digital assets framework earlier this month.
DBS Group Holdings Ltd., Singapore’s largest bank, has extended its bitcoin and cryptocurrency trading services on its members-only exchange to another 100,000 of its wealthiest customers, according to a report by Bloomberg.
Accredited investors, meaning clients with investable assets of at least $246,000, can now buy, sell and trade bitcoin and certain cryptocurrencies. In addition, the bank requires a minimum investment of $500.
Previously, this service was reserved for corporate and institutional investors, family offices, clients of DBS Private Bank and those of DBS Treasures Private Client.
The bank reportedly saw its digital asset exchange double in transaction volume between April and June. More remarkably, bitcoin transactions alone have almost quadrupled.
However, as the bank increases the size of its volume in the larger ecosystem and expands its services to a wider range of investors, Singapore as a whole is still deciding which direction to take when it comes to retail investors.
Earlier this month, the Monetary Authority of Singapore (MAS), the country’s central bank, issued a statement recalling that retail investors should not invest in the asset class.
“Cryptocurrency prices fluctuate wildly and investors risk losing all the money they have invested in cryptocurrencies,” MAS said.
However, after the aforementioned warning, the MAS published its digital asset framework expand through 2025, where the regulator said it plans to “enable digital currency connectivity” through a plan dubbed Project Orchid.
As part of this, MAS also plans to explore distributed ledger technology, asset tokenization and cross-border payments. So while the future of bitcoin and retail investors remains uncertain in Singapore, the issue is clearly not being ignored.