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Friday, April 19, 2024

DBS bank is going to provide crypto services in Hong Kong

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The largest Singaporean DBS Bank is going to receive a license to provide cryptocurrency services in Hong Kong in the near future.

The bank welcomes the policy of the Hong Kong authorities regarding digital assets, said Sebastian Paredes, chief executive of DBS.

The government of the Special Administrative Region of China, in turn, seeks to attract companies that provide services in the crypto industry. Hong Kong Financial Secretary Paul Chan said in January that the city aims to become a regional crypto hub.

In September, the bank’s management announced plans to launch the DBS Better World metaverse in partnership with the gaming giant Sandbox. The joint project is positioned by DBC as “an interactive metaverse experience that demonstrates the importance of building a better and more sustainable virtual world by implementing Web3 to expand its base and help bank users.” 

Last November, the bank began  testing trading in tokenized government securities as part of the Project Guardian project hosted by the Monetary Authority of Singapore (MAS).

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Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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