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The Chief Executive Officer of Singapore’s largest bank – DBS, Piyush Gupta announced that cryptocurrency services are soon to be available to eligible investors. This bank has obtained a License for this operation in 2021 from Singapore’s Monetary Authority. This enables them to render crypto services to accredited customers. So far, DBS has offered such type of financial services to 1000 clients based on direct experimental invitation.
According to Gupta in an interview, he said that they are trying to do everything necessary to make the services safe for people. He added that they are creating guidelines that will ensure the protection and profitability of their customers. He also said that these services will only be available to eligible customers who have been certified. This is due to the government’s strict financial regulations that concern cryptocurrencies. As time goes on, it is expected that the services will be available to other people in the region.
Singapore’s Policies on the Protection of Investors
Cryptocurrency investment is a very volatile venture, and due to this reason, investors are emotionally affected as the market swings. An instance that was considered, is the event that led to the collapse of some leading cryptocurrency firms in Asia such as Terraform lab. This prompted the authorities to create new regulations that will ensure investors’ protection. One of the regulations will have intending investors pass an eligibility screening.
The Monetary Authority of Singapore said that they will soon unveil regulations that will serve as an operational guideline for cryptocurrency services. This guideline will help to reduce the risk of stablecoin collapse. Also, not all stablecoin will be approved only those which meet up with certain standards will be allowed. This regulatory guidelines will be unveiled in October.
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