The Largest Bank In Singapore Will Not Provide Crypto Services To Retail Customers

Due to concerns from local financial regulators about allowing crypto services in the retail market, DBS Bank has withdrawn its plans to provide such opportunities to customers. Piyush GUPTA, CEO of leading Singapore bank DBS Bank, revealed that his institution will not provide crypto trading services to retail clients in the near future.

Recall that in February this year, the Singapore-based multinational banking and financial services corporation, DBS Bank, announced that by the end of 2022 it will expand the possibilities of cryptocurrency trading for its retail clients. In particular, the bank sought to make this process accessible by facilitating instant online deposits and transactions without the reliance on intermediaries.

However, in a recent interview, Piyush Gupta said local regulators are "rightfully concerned" about allowing digital asset services in the retail sector. Thus, the bank abandoned its original plans. However, Gupta remains optimistic about the future of cryptocurrencies, predicting that sooner or later they will become a vital part of the financial network.

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