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).