DBS, Singapore's largest retail and commercial bank, appears to be entering the crypto currency space with three new offerings.
According to the information provided, DBS is launching crypto currency trading and regulation as well as a platform to conduct security token offerings. Apart from that, the bank is also claimed to be launching DBS Digital Exchange which will support 5 major cryptocurrencies namely Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).
In addition, supported fiat currencies include the US dollar, Singapore dollar, Hong Kong dollar and Japanese yen.
However, DBS Digital Exchange will not keep any of the assets themselves, instead, all digital assets are stored in DBS Bank, which will be operated by its regulatory services.
In addition, the platform also allows small and medium enterprises as well as large companies to issue security tokens.
Meanwhile, as a company regulated by the Monetary Authority of Singapore, DBS states that future crypto services will offer different advantages such as institutional security.
He added that the exchange platform supported by the bank will practice strict measures to prevent fraudulent activities and comply with the rules of Anti-Money Laundering and Counter Terrorist Financing.
However, DBS does not want to submit any feedback on the issue.
