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UnionBank of the Philippines received a historic nod from the Bangko Sentral ng Pilipinas (BSP) to launch mobile cryptocurrency trading, becoming the nation's premier bank to secure such a license. This advancement enhances UnionBank's digital offerings, expanding access beyond prior limited virtual asset capabilities.
UnionBank has secured a Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP). With this license, the bank can now legally introduce a new service that allows clients to directly buy and sell Bitcoin (BTC) through its mobile application.
Previously, UnionBank operated under a "limited virtual asset license," restricting access to its virtual asset exchange services to selected users only. However, being a licensed provider now opens up this system to UnionBank's entire clientele using their online app.
UnionBank President and CEO Edwin Bautista expressed his excitement about the BSP's approval, stating that it is a significant milestone in revolutionizing the banking landscape. Bautista said obtaining this license paves the way for even more groundbreaking opportunities, enhancing their digital capabilities and transforming how their customers interact.
The new feature allowing mobile cryptocurrency trading is expected to roll out in the final quarter of 2023, although an exact date has not been provided yet.
Under BSP's regulations, a VASP refers to any entity that offers services or engages in activities providing a facility to transfer or exchange virtual assets. A virtual asset, on the other hand, is any digital unit that can be digitally traded or transferred and used for payment or investment purposes.
The BSP strongly advises local investors and Filipinos interested in cryptocurrency to engage only with licensed providers. The central bank also discourages investing in platforms located in other countries.
The licensed companies authorized to offer virtual trade services in the Philippines are Maya Philippines, Inc., Coinville Philippines, Inc., TopJuan Technologies, and the Philippine Digital Asset Exchange (PDAX).
