DBS said the current environment will not make retail crypto available «anytime in the immediate future», contrasting with the original plan to launch its digital asset offering to the mass market by the end of this year.
As recently as February, DBS chief executive Piyush Gupta had maintained that the bank plans to extend its crypto trading services to retail clients by the end of 2022.
But at an annual general meeting on Thursday, the bank announced a shift in plans with Gupta noting in response to a shareholder question that most regulators are «rightfully concerned» about retail access to cryptocurrencies.
«Not Holding My Breath»
Gupta has been consistently positive on cryptocurrencies and repeatedly touted their benefits such as a store of value but he is now unsure about the timeline for the possibility of opening access to retail users.
«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. Not to replace money […] but certainly, as a store value, I think it will have a role to play,» he said at the shareholder meeting.
«But I'm not holding my breath. I don't think the environment will allow us to make it available to retail anytime in the immediate future.»
DDEx
DBS Digital Exchange (DDEx) launched in December 2020 and currently only allows institutional and accredited investors to access the platform.
As of 2021-end, trading volume at DDEx exceeded S$1 billion while digital assets custody rose above $800 million.
