Singapore’s DBS Bank aims for Hong Kong crypto license

Singapore-based DBS Bank is planning to apply for a crypto license in Hong Kong, according to Bloomberg News.

The bank didn’t disclose a date for the application but said it wanted to offer digital asset services to customers residing in the region, as reported by Bloomberg News.

DBS Bank Hong Kong CEO, Sebastian Paredes, delivered the news by stating:

“We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers”

He added that the bank is aware of the risks associated with digital assets and will be one of the lenders participating in Hong Kong’s regulations once they are clear.

Hong Kong on crypto

Hong Kong started to work on crypto regulation in October 2022 and decided to accelerate its efforts after the FTX collapse. At the beginning of January, Hong Kong’s Financial Secretary, Paul Chan, said that the crypto regulation would likely be implied in June 2023.

Despite China’s anti-crypto stance, Hong Kong has publicly declared its crypto-friendly attitude. In June 2022, Hong Kong classified NFTs as financial assets and completed its Central Bank Digital Currency (CBDC) pilot phase on October 2022. Finally, on December 2022, the Hong Kong watchdog approved the listing of two ETFs on the Hong Kong Stock Exchange.

Journalist at CryptoSlate

Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.