Coins.ph’s affiliate, Coins Digital Markets Limited, has received ‘in-principle” approvals for VASP licenses from the Financial Services Commission of Mauritius (FSC).
The VASP licenses include Class “M” or as virtual asset broker-dealer; Class “O” or as virtual asset wallet services; Class “R”, as virtual asset custodian; and Class “S”, as virtual asset marketplace or virtual asset exchange.
The approval marks a significant milestone for Coins, allowing the company to expand its fiat and crypto services globally, according to Wei Zhou, chief executive officer of Coins.
“As we work closely with regulators to ensure that our operations are safe and secure, obtaining the four virtual asset service provider licenses from the FSC is a positive step towards sharing our financial services with more people across the globe,” Zhou said in a statement.
Coins.ph is currently one of the most trusted crypto platforms in the Philippines and has multiple licenses from the Bangko Sentral ng Pilipinas including the recently acquired Electronic Payment and Financial Services for Coins Pro.
The FSC is an integrated regulator for non-bank financial services sector and global businesses that licenses, regulates, monitors and supervises multiple financial sectors.
The “in-principle” approvals of these four VASP licenses from the FSC “is a testament to Coins’ commitment to safe and secure operations, as they work closely with regulators, in a bid to promote financial inclusion and crypto adoption worldwide,” Coins.ph said in a statement.