Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the Chinese special administrative zone pushes to become a hub for digital assets and reforms its crypto regulation, according to a report from Bloomberg.
“We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers,” Sebastian Paredes, chief executive of DBS Bank Hong Kong, said in a Monday briefing.
Over the past several months, Hong Kong has made an aggressive push to regain its status as a global crypto hub, after losing a significant portion of its crypto business in 2021 due to China’s ban and tighter regulations on retail investors within the city.
According to Paredes, DBS remains sensitive to the risks associated with digital assets but welcomes Hong Kong’s recent policy shift. Once Hong Kong’s new crypto regulations become clear, the bank will be a player interested in participating, he added.
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