Saturday, June 22, 2024

Coins.ph granted virtual currency exchange license by BSP

E-wallet provider and crypto exchange platform Coins.ph announced on Tuesday, Dec. 13, that the Bangko Sentral ng Pilipinas (BSP) has granted it an Advanced Electronic Payment and Financial Services (EPFS) license covering the operation of the Coins Pro exchange.

The startup said the approval of EPFS license is a key enabler for its Coins Pro, a professional-grade order book exchange that is now available to all Coins.ph users.

Coins Pro users can buy and sell digital currencies at larger volumes and for lower fees. Users can place market, limit, and stop-limit orders across more than 20 PHP spot trading pairs, making it a complete crypto exchange offering.

“Being granted an advanced EPFS license is a huge milestone for Coins.ph and solidifies our position as the most trusted crypto platform in the Philippines. We have always been committed to working with regulators to ensure appropriate oversight of this fast-growing industry at the intersection of technology and finance,” said Wei Zhou, Coins.ph chief executive officer.

“Coins was the first crypto company in Asia to gain multiple licenses from a central bank back in 2017, and we have continuously operated within the Philippine legal framework. The advanced EPFS license will facilitate more transparency and safeguards, as it ensures that we can continue to provide secure and reliable services to our users. It will also enable significant upgrades to Coins Pro, our proprietary order book exchange.”

Coins.ph said it is the first VASP (Virtual Asset Service Provider) to be granted a Type A EPFS license, which is traditionally reserved for banks.

The advanced EPFS license is designed to promote an efficient and inclusive national payment system as it enables oversight of BSP-supervised financial institutions that facilitate online transactions through digital products and services.

“We truly appreciate the sincere effort that the BSP’s leadership has made to understand the digital assets space in order to craft well-thought-out rules that protect consumers while encouraging innovation. We’re excited to continue leading the development of this industry as a responsible player,” added Zhou.

The BSP has previously granted Coins.ph a Virtual Asset Service Provider (VASP) license, an Electronic Money Issuer (EMI) license, and a Remittance and FXD/MC license.

Coins.ph said it observes strict compliance with all applicable rules and regulations, and is used by more than 18 million subscribers to serve as the gateway between Web2 and Web3.

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