Due to the local financial regulators, which are “rightfully concerned” about allowing crypto services in the retail market, DBS Bank withdrew its plans to provide such options.
Piyush Gupta – CEO of Singapore’s leading bank DBS Bank – revealed his institution will not extend its crypto trading services to retail customers in “the immediate future.” The announcement contradicts the company’s initial intentions to provide such opportunities.In February this year, the Singaporean multinational banking and financial services corporation – DBS Bank – disclosed it will extend crypto trading opportunities to its retail clients by the end of 2022.
In any case, Gupta remained bullish on the future of cryptocurrencies, predicting that “sooner or later” they will become a vital part of the financial network:“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.
“The other big challenge is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you. Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”
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