Singapore’s DBS Bank Ditches Plans to Offer Retail Crypto Trading

The CEO of Singapore’s DBS Bank, Piyush Gupta recently stated that the bank will not offer cryptocurrency services to its retail investors. His recent statement contradicts the bank’s earlier claims on offering retail crypto services this year. Singapore’s DBS Bank Halts Crypto Plans In February 2022, DBS Bank, the largest banking institution in Singapore, announced that it would offer cryptocurrency trading to retail clients by the end of this year. However, at an annual general meeting on Thursday, the bank announced a shift in plans with CEO Piyush Gupta responding to a shareholder question that most regulators are “rightfully concerned” about making digital asset services available to retailers. “Left to ourselves, as I have said before, I think over time, digital currencies and crypto assets are going to be pervasive. And therefore, sooner or later, I think the world will have to come to terms with this as an asset class. Not to replace money.. but certainly, as a store value, I think it will have a role to play,” Gupta said. “But I’m not holding my breath. I don’t think the environment will allow us to make it available to retail anytime in the immediate future,” he added. DBS Bank CEO Praises Crypto Tech Nevertheless, Gupta reiterated the benefits of the cryptocurrency sector. Among them includes blockchain technology and how it could streamline the traditional and digital financial sectors and transform how payments an...