Global cryptocurrency exchange Crypto.com has partnered with DBS, Singapore's largest bank, to support deposits and withdrawals in Singapore dollars (SGD) and US dollars (USD). According to Tech in Asia, this collaboration will provide Crypto.com users with faster and more reliable fiat on-ramp and off-ramp services in Singapore.
The key point is that DBS has authorized Crypto.com to open "client money accounts." This structure keeps client funds separate from the company's operating funds, meeting financial authorities' requirements for fund protection and regulatory compliance. At the same time, it simplifies bank transfer procedures, significantly improving deposit and withdrawal processing speeds.
This move aligns with Singapore's efforts to strengthen its position as a digital asset hub in Asia. Within the strict regulatory environment of the Monetary Authority of Singapore (MAS), the fact that a major local bank is providing a fiat infrastructure directly linked to a global cryptocurrency exchange is highly symbolic. In particular, supporting both SGD and USD simultaneously is expected to increase accessibility not only for Asian investors but also for global institutions and international users.
Industry insiders are evaluating this as "an example of how cryptocurrency exchanges are evolving beyond simple crypto platforms into payment and settlement layers similar to banks." If the proven bank-linked model in Singapore takes hold, the potential for expansion to other Asian countries is also noteworthy.
