Coins.ph, the Philippines’ leading digital wallet provider and crypto exchange platform, has announced 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 approval of Coins’ EPFS license is a key enabler for 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 peso spot trading pairs, making it the market’s most 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’ chief executive officer in a statement.
“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 Philippines’ 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,” he said.
Coins is the first 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,” Zhou said.
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 observes strict compliance with all applicable rules and regulations, and is trusted by more than 18 million users to serve as the gateway between Web2 and Web3.
Launched in 2014, Coins.ph is one of the established crypto brand in the Philippines and has more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the BSP and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank.