The Central Bank of Singapore issues its first cryptocurrency exchange called DBS Digital Exchange
The first digital exchange DBS Digital Exchange for fiat and cryptocurrency issued by the central bank just opened over the weekend in Singapore.
Singapore opens its first regulated cryptocurrency exchange DBS Digital Exchange
Analysts say the digital exchange of DBS, the largest bank in Southeast Asia, is a strategic step to catch the wave of investment in cryptocurrencies. The DBS-run exchange allows traders or brokers to use the four main currencies, SGD, HKD, and USD, along with the Yen, to trade four cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and XRP.
According to analysts, DBS digital exchange is a strategic step to catch the wave of investment in cryptocurrencies. In 2021, Bitcoin is forecast to increase in price by 130% from its current peak and by more than 2.5 times the size of its capitalization.
To consolidate its position as an international financial hub, Singapore has shown a willingness to allow digital currency transactions months ago. In May, state investment fund Temasek revealed it had partnered with a nonprofit to promote the development and use of the Libra cryptocurrency – now changed to Diem – by Facebook.
In early December, MAS Central Bank issued the first four digital banking licenses to Grab, Sea, Ant Financial, and a group of Chinese technology firms. But the licensing of digital currency trading will not appear soon in the MAS licensing roadmap for these digital banks and other digital financial institutions.
Read more:
- Huobi Vowed To Pursue The Legal Responsibility Of The Author Of Article That Attacking Founder Of Huobi And The 17 Employees
- Customers Of Coinbase Has Been Continuously Locked Out Of Accounts As Long Ago As Late October