Largest Bank in Singapore Launches Trust Solution for Customers

One of Singapore's largest banks, DBS Private Bank, launched cryptocurrency-based trusts following a report for Q1 2021 that digital currencies trade volume increased tenfold. The new trust instrument is available in USD, JPY, HKD as well as SGD.

The launch of a cryptocurrency-based trust solution was a logical continuation of DBS Private Bank's strategy following the opening of its DBS Digital Exchange in December last year. Thus, the bank seeks to expand the services it offers to its clients through its own DBS Trustee. The latter also provides the ability to trust digital currencies. This was done by the bank to solve the problem of handling tokens in the event of the death of their owner. Depending on the country and its tax rules, structures such as the DBS can help avoid inheritance tax and “defer” capital gains tax. In addition, details about a person's condition will not become public.

Wealthy customers of DBS can now manage their crypto assets, store them in accounts and buy them. Coins on offer include Bitcoin, Ethereum, Ripple, and Bitcoin Cash. In fact, the same assets that are currently available to users of a Singapore bank's personal crypto exchange.

According to the head of DBS Private Bank, the trust structure will allow customers not to worry about the convenience of storing assets and their safety. He also stressed that in addition to efficient management of cryptocurrencies, clients will be able to quickly transfer them to beneficiaries.

DBS Group is systematically following in the footsteps of other institutions, such as Morgan Stanley, which made Bitcoins available to its clients back in March 2021.

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