Crypto exchange DBS Digital has reported a doubling in trading volume for the month of June, with buy orders accounting for 90% of trades despite the global selloff.
The quantity of Bitcoin bought by members has quadrupled since April, while the number of Ethereum has risen 65%.
This comes after the prices of the digital assets have fallen sharply since May, when the collapse of the stablecoin project Terra set off a wave of liquidations, bankruptcies, and layoffs in the sector.
Lionel Lim, the chief executive officer of DBS Digital Exchange, told Bloomberg that investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility.
The firm also indicated that it is working on a number of initiatives, one of which is to provide retail investors with crypto trading. Technical difficulties and regulatory resistance are cited as reasons for the lack of progress.
DBS bank open to idea of regulating cryptocurrencies
Piyush Gupta, CEO of DBS Bank Group, one of Singapore’s major investment banks, said that central banks throughout the world should start regulating cryptocurrencies and dispel fears that digital currencies would displace fiat money.
Gupta suggested that the Monetary Authority of Singapore (MAS) look for ways to regulate cryptocurrencies properly after it made its announcement.
The DBS chief also quashed concerns that cryptocurrencies and non-fungible tokens (NFTs), or stablecoins, would take the place of cash. He explained how cross-border central bank digital currencies (CBDC) could be utilized on a larger scale.
Gupta stated that CBDCs also present difficulties, such as “if you go direct, every citizen opens a direct account with the central bank, and it disburses the CBDC directly.”
Singapore considers how to regulate retail crypto trading
MAS is stepping in to provide oversight and guidelines for the public. MAS has consistently warned the public that investing in cryptocurrencies is highly risky as investment products and not suitable for the public.
In Jan, the MAS released recommendations restricting the public promotion of cryptocurrency trading services. In that same month, cryptocurrency automated teller machines (ATMs) operators in Singapore began shutting down their ATMs following a ban.
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