Amid the excitement and continued efforts of Singapore’s authorities to become a major player in the global crypto market, one of the country’s leading banking institutions, Oversea-Chinese Banking Corp. (OCBC) is considering offering crypto services.
OCBC CEO Helen Wong in an interview with Bloomberg told that the bank is conducting a research process to start a crypto exchange service.
However, he noted that OCBC’s desire to explore this decentralized industry was not driven by its popularity nor because of demand from the public. Wong explained that banks will not be blind and follow current developments. Instead, OCBC acts to carry out its responsibilities and perform its obligations as a financial institution.
According to them, an unregulated market can come a huge risk to customers. So it is the responsibility of mainstream banking to plunge into this industry to ensure consumer protection.
The Singapore authorities are in the process of managing crypto assets by trying to be a leader in the worldwide crypto industry. Earlier this month, Singapore’s central bank through the Singapore Monetary Authority (MAS) clarified that rather than applying an absolute ban approach like China’s, they are more likely to choose to provide investors with the right tools and channels to manage risk.
MAS has begun to present a clear regulatory framework and how investors can handle risk in volatile crypto markets.
