DBS Private Bank, one of Singapore’s largest banks, launched cryptocurrency-based trusts in response to a study for the first quarter of 2021 indicating a tenfold rise in digital currency trade value. The new trust instrument is available in the following currencies: USD, JPY, HKD, and SGD.
Following the launch of its DBS Digital Exchange in December last year, the launch of a cryptocurrency-based trust solution was a logical continuation of DBS Private Bank’s strategy. As a result, the bank aims to broaden the services it provides to its clients through its own DBS Trustee. The above also allows you to trust digital currencies. The bank did this to address how to handle tokens in the event of their owner’s death. Structures like the DBS will help avoid inheritance tax and “defer” capital gains tax, depending on the country and the tax laws. Furthermore, information concerning a person’s illness will not be made public.
DBS’s wealthy customers can now monitor their crypto assets, store them in accounts, and purchase them. Bitcoin, Ethereum, Ripple, and Bitcoin Cash are among the coins accessible. In reality, these are the same assets that are currently available to users of a Singapore bank’s cryptocurrency exchange.
According to the head of DBS Private Bank, the trust system would relieve customers’ concerns about the ease and protection of storing money. He also emphasized that clients would quickly move them to beneficiaries in addition to efficient cryptocurrency management.
DBS Group follows in the footsteps of other institutions such as Morgan Stanley, which made Bitcoin available to its clients in March 2021.