UnionBank secures VASP license from BSP

POPULAR POST

CryptoBilis presents ‘Bitcoin Pizza Day 2024’ in collaboration with...

An event to bring to-gather all fragmented cryptocurrency communities in the Philippines under one roof.

Olympus acceleration platform opens global launchpad for Filipino Web3...

The DFINITY Foundation (DFINITY), a Swiss not-for-profit research and development organization and key contributor to the Internet Computer Protocol (ICP) blockchain, has announced the launch of the Olympus, the first decentralized, on-chain global acceleration platform. 

Parallel TCG Planetfall, A Week After Its Release

The long-awaited expansion to the hit web3 space sci-fi TCG (Trading Card Game), Parallel, Planetfall has launched May 1 and it has been a week since it hit the virtual shelves. Let's see how it has fared on its first week from the perspective of the Parallel TCG players themselves.

Coins.ph’s PHPC Stablecoin Receives BSP Approval, a Game-Changer for...

In a groundbreaking development for the digital asset and fintech industry of the Philippines, Coins.ph, the leading cryptocurrency exchange in the country, announced it...

Illuvium launches Beta 4 with a $25M USD Airdrop...

Illuvium launches their Beta 4 with a $25M USD Airdrop Campaign

Coins.ph, XD Academy Team Up to Bring Global Bitcoin...

In a significant move to raise the bar for crypto education in the Philippines and widen access to innovative web3 learning tools, Coins.ph, the leading crypto exchange in the country, has joined forces with XD Academy, a global pioneer in web3 and cryptocurrency learning and certification.

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?

CryptoBilis presents ‘Bitcoin Pizza Day 2024’ in collaboration with Satoshi Labs...

An event to bring to-gather all fragmented cryptocurrency communities in the Philippines under one roof.

Olympus acceleration platform opens global launchpad for Filipino Web3 startups 

The DFINITY Foundation (DFINITY), a Swiss not-for-profit research and development organization and key contributor to the Internet Computer Protocol (ICP) blockchain, has announced the launch of the Olympus, the first decentralized, on-chain global acceleration platform. 

Parallel TCG Planetfall, A Week After Its Release

The long-awaited expansion to the hit web3 space sci-fi TCG (Trading Card Game), Parallel, Planetfall has launched May 1 and it has been a week since it hit the virtual shelves. Let's see how it has fared on its first week from the perspective of the Parallel TCG players themselves.

Illuvium launches Beta 4 with a $25M USD Airdrop Campaign

Illuvium launches their Beta 4 with a $25M USD Airdrop Campaign

Coins.ph, XD Academy Team Up to Bring Global Bitcoin Course to...

In a significant move to raise the bar for crypto education in the Philippines and widen access to innovative web3 learning tools, Coins.ph, the leading crypto exchange in the country, has joined forces with XD Academy, a global pioneer in web3 and cryptocurrency learning and certification.