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Southeast Asia’s Largest Bank, DBS, Launches Crypto Trading for Retail Investors: Crypto Moves

RIYADH: DBS, Southeast Asia’s largest bank by assets, plans to launch cryptocurrency trading services for retail investors this year.

“What we’ll be focusing on in the first half, the first two quarters of this year, is making access to digital assets much more convenient,” CEO Piyush Gupta said on the call. the bank’s fourth quarter results on Monday.

Gupta added, “Today, 24/7, customers still have to call and talk to bankers. So the first order is to bring everything online, make it self-service, make it instantaneous, and make sure the internal processes are robust to be able to support that.

The bank’s brokerage arm has also gained approval from the Monetary Authority of Singapore (MAS), the country’s central bank, to provide crypto services, Bitcoin.com reported.

Warning

The United States Securities and Exchange Commission (SEC) has warned investors about the risks of accounts that pay interest on deposits of cryptoassets.

Meanwhile, the SEC announced that it had accused crypto lending platform Blockfi of failing to register a crypto lending product.

“An interest-bearing account for holdings of cryptoassets is not as safe as bank or credit union deposits,” the SEC said.

Blockfi agreed to pay $100 million in fines to settle charges with the SEC and 32 state regulators.

A key difference is that deposits with banks or federal credit unions are insured by the Federal Deposit Insurance Corporation and the National Credit Union Administration.

Securities accounts held with brokers registered in the United States are also insured by the Securities Investor Protection Corporation, according to Bitcoin.com.

“Companies offering interest-bearing accounts for cryptoassets do not offer investors the same protections as banks or credit unions, and crypto assets sent to these companies are currently uninsured,” the SEC said. .

Daily trading

Bitcoin, the leading international cryptocurrency, traded lower on Wednesday, falling 0.44% to $44,042 as of 4:05 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,117, up 0.00%, according to data from Coindesk.

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