UnionBank secures VASP license from BSP

POPULAR POST

Coins.ph Marks 10th Anniversary with 10% Rewards on USDC

To celebrate Coins.ph’s 10th year as the Philippines' leading crypto platform, the exchange is giving users 10% rewards on USDC this February under its...

No NFT, No Entry – How Stanible got into...

Editor's Note: This is an op-ed from Stanible founder Harry Santos on the trials and tribulations of onboarding the general public and making them...

Empowering the Future: Web3PH Hosts Gathering for Tech Leaders

 In a groundbreaking initiative to propel the nation into the digital forefront, Web3PH, in collaboration with the Department of Information and Communications Technology (DICT)...

Superteam Philippines Accelerates Web3 Journey with Grand Launch Event

Superteam, the distributed talent layer of the Solana Ecosystem, officially launches its operations in the Philippines with a dynamic event at the Marquis Events...

Filipino gamers can win exciting rewards from Aura and...

Filipino gamers are offered fun and unique opportunities as Singapore-based Web3 gaming platform Aura has partnered with Web3 game The Red Village. Aura, the exclusive...

Web3 focused Metasports.GG holds industry screening for ‘GG The...

GG The Movie revolves around Seth, an aspiring professional esports player, who navigates the Philippine stigma and challenges in trying to achieve that goal.

UNION BANK of the Philippines, Inc. (UnionBank) has received approval from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP), letting customers buy and sell cryptocurrencies through its mobile app.

The VASP license, issued by the BSP, covers a broad spectrum of financial products and services, allowing for virtual assets to be used as payments and investments. With this license secured, UnionBank is now the first and only universal bank to offer virtual asset exchange services, the Aboitiz-led bank said in a statement on Tuesday.

Randomly selected users of UnionBank’s mobile app previously received access to a new feature wherein cryptocurrencies like Bitcoin, Ethereum, and major altcoins could be bought and sold within the app. This new feature will slowly be introduced to all app users next quarter.

“This milestone represents a significant leap forward for UnionBank as we continue to revolutionize the banking landscape,” said UnionBank President and Chief Executive Officer Edwin R. Bautista. “By obtaining this license, we are not only paving the way for even more groundbreaking opportunities, but also enhancing our digital capabilities and further transforming the way our customers interact with us.”

UnionBank has long advocated for the exploration and application of blockchain technologies in the country. With the rollout of this new feature, their customers will now be able to manage both traditional banking and digital assets within a single mobile platform, further leveling the playing field for these asset types in the investing landscape.

Subscribe to our newsletter

Its easy to be smart about crypto, allow us to send you weekly updates on digital assets, crypto, NFTs and fintech.

WANT TO KNOW MORE?