DBS Bank Seeks Hong Kong Crypto License: Get Ready for Adoption!

• DBS Bank, based in Singapore, is planning to apply for a crypto license in Hong Kong.
• The bank intends to offer its digital asset services to customers residing in Hong Kong once they have secured the license.
• Paul Chan, Financial Secretary of Hong Kong, said that the crypto regulation would likely be implied in June 2023.

DBS Bank Applying For Crypto License

Singapore-based DBS Bank is planning to apply for a crypto license in Hong Kong, according to Bloomberg News. The bank didn’t disclose a date for the application but said it wanted to offer digital asset services to customers residing in the region. DBS Bank Hong Kong CEO Sebastian Paredes mentioned that the „bank could sell digital assets to our Hong Kong customers“.

Hong Kong’s Approach Toward Crypto

Hong Kong started working on crypto regulation back in October 2022 and decided to accelerate its efforts after the FTX collapse. In January 2023, Paul Chan declared that the crypto regulation would likely be implied by June 2023. Despite China’s anti-crypto stance, Hong Kong has publicly declared its crypto-friendly attitude. Last June, NFTs were classified as financial assets; the Central Bank Digital Currency (CBDC) pilot phase was completed last October; and finally, two ETFs were approved for listing on the HongKong Stock Exchange last December.

Risks Involved With Digital Assets

The DBS Bank team is aware of risks associated with offering digital asset services and will be one of the lenders participating in Hong Kong’s regulations once they are clear. As such, they have taken steps towards ensuring customer safety when dealing with cryptocurrencies by putting appropriate risk management measures into place before launching their product offerings into this rapidly growing sector of finance.

Adoption Of Crypto Growing Rapidly

The move by DBS Bank indicates further adoption of cryptocurrency across Asia as more banks and financial institutions look into providing related services which could open up new avenues of growth within this sector of finance over time. It also shows that despite some regulatory hurdles faced by these organizations when entering this space, there are still opportunities out there waiting to be explored if approached correctly and safely with appropriate due diligence conducted beforehand.


In conclusion, it appears that despite some challenges faced when entering this sector of finance due diligence should still be conducted beforehand so as not put customers at any undue risk from fraud or theft when using cryptocurrencies or related services offered by banking institutions like DBS Bank who are now looking into applying for a license in order to provide such services within HongKong market segments over time moving forwards with their plans accordingly