During the call for DBS’ Annual General Meeting on Thursday (Mar 31), Chief Executive Officer Piyush Gupta said the bank will not be extending their cryptocurrency trading services to retail consumers in the near future.
Gupta noted that regulatory bodies are “rightfully concerned” about allowing cryptocurrencies in the retail market.
This contrasts the earlier comments he made in February, where he said that the bank plans to extend crypto trading services to retail clients by the end of 2022.
The CEO, who has been showing strong support for cryptocurrencies, said that the banking sector will eventually have to look at designing guidelines for retail investors to have a play in this space.
“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,” he said.
Crypto will not replace money, but as a store value, the CEO thinks that there will be a role for it.
Featured Image Credit: DBS