Singapore’s DBS Bank Won’t Extend Crypto Services To Retail Clients

Singapore’s DBS Bank won’t extend crypto services to retail clients because of the local financial regulators that are concerned about allowing these types of services in the retail market so let’s read more in our latest cryptocurrency news.

The CEO of Singapore’s DBS Bank Piyush Gupta revealed that his institution will not extend the crypto trading services to retail customers in the near future and the announcement contradicts the company’s initial plans to provide such opportunities. The banking giant disclosed previously that it will extend crypto trading opportunities to the retail client by the end of 2022. the bank aimed to make these processes accessible by facilitating online deposits and transactions without having to depend on intermediaries. However, Chief Executive Officer Piyush Gupta said that the local watchdogs are concerned about allowing crypto in the retail sector so the bank decided to withdraw its plans:

“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.”

Gupta remained bullish on the future of crypto and predicted that sooner or later they will become a key part of the financial network:

“Left to ourselves, as I have said before, I think over time, digital currencies and crypto assets are going to be pervasive. And therefore, sooner or later, I think the world will have to come to terms with this as an asset class.”

The top executive displayed a positive stance on crypto and described the asset class as an alternative to gold with its role in the current monetary system. Gupta also said that right now the volatility of the market doesn’t allow digital assets to become “money as we know it.” he continued:

“The other big challenge is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you. Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”

DBS’s CEO also called upon regulatory frameworks of the sector and the central banks should be responsible for designing it. Gupta even noted that the main advantage here is the blockchain technology since it can change how trade finance is processed and how payments are settled.