DBS plans crypto exchange

A digital currency exchange backed by Singapore's largest lender DBS is in the works, although the bank is still in the process of seeking regulatory approval.

A version of the DBS Digital Exchange's webpage - that was made public for a short while on Tuesday but later taken down - said the platform will list four top cryptocurrencies, Bitcoin, Ether, Ripple, and Bitcoin Cash, against multiple fiats, including the Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen.

According to an archived version of the webpage, the exchange will allow companies - small and medium-sized enterprises and large corporates alike - to raise capital, via security tokens, through the digitisation of their securities and assets. This will also allow issuers to reach a wider base of investors that might not traditionally have access to such tokens. But to be clear, this is meant to raise private capital from qualified investors.