Singapore's largest bank, DBS Bank, has expanded its telescopic of supported cryptocurrency services past scoring another regulatory approving.

DBS Bank's brokerage arm, DBS Vickers (DBSV), has received in-principle approval from the Monetary Say-so of Singapore (MAS) to provide digital payment token services as a payment establishment, the company officially announced Th.

The approving is granted under Singapore'due south Payment Services Act, paving the way for DBSV's payment license. Once licensed, the firm volition exist able to straight support nugget managers and companies trading in digital payment tokens through DBS Bank'due south cryptocurrency-enabled exchange, DBS Digital Exchange (DDEx).

In conjunction with the MAS approval declaration, DBS likewise disclosed that DDEx will begin operating 24/7 starting adjacent Monday, assuasive investors to trade on the platform at any fourth dimension. The exchange initially operated simply during Asian trading hours, the visitor said. Launched in late 2022, DDEx supports trading of major cryptocurrencies such equally Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH), targeting only institutional investors.

Eng-Kwok Seat Moey, group head of uppercase markets at DBS Bank, said that the visitor has been seeing growing demand amidst corporates and asset managers for digital payment token services. "This could add to DDEx's volumes in the coming months, and, coupled with DDEx going operational circular-the-clock, help accelerate growth for DDEx," he noted.

Related: 43% of Singaporeans own crypto, according to Contained Reserve survey

DBS Banking company has been actively extending its range of supported digital nugget-related services after setting up a crypto exchange terminal December. In May, DBS Private Banking concern launched a cryptocurrency trust solution via its fully-endemic trust company DBS Trustee. It previously announced that it had posted tenfold volume growth on its cryptocurrency exchange in the first quarter of 2022.

The latest news comes shortly after the MAS issued the first in-principle approval for Australian crypto exchange Independent Reserve last week, allowing the house to operate as a fully regulated digital nugget service provider.