With the acquisition of a Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP), which gives it a complete license to function as a virtual asset service provider (VASP), The UnionBank of the Philippines has made major progress in the world of cryptocurrencies. As a result, UnionBank is the first universal bank in the nation to provide services for trading cryptocurrencies on mobile devices.

With the recently acquired full VASP license, UnionBank is now able to offer its virtual asset trading services through its UnionBank Online app to a wider range of consumers. As reported by BitPinas in October of the previous year, these services were previously only available to a small number of users under a limited virtual asset license.

An Ongoing Commitment from UnionBank

In the world of cryptocurrencies and blockchain, UnionBank has taken the initiative. The bank made a big step forward in 2019 when it opened the first bank-operated, two-way cryptocurrency ATM in the Philippines at its Makati City online branch. This action is perfectly in line with UnionBank’s “Tech-Up Pilipinas” project, which is aimed at promoting financial inclusion and improving digital literacy among Filipinos.

UnionBank noted that the BSP has given full regulatory support to all of its efforts in the cryptocurrency and web3 sectors. This approval highlights the rising popularity of cryptocurrencies and blockchain technology in the Philippines and exemplifies UnionBank’s commitment to offering its clients cutting-edge financial services.

In the Philippines, Crypto is entering a new era.

The Philippines’ Bitcoin ecosystem has advanced significantly as a result of UnionBank being granted a full VASP license. UnionBank, a universal bank, is positioned to be a key player in determining the direction that mobile bitcoin trading services take in the nation.

This breakthrough might also spur more interest from other financial institutions and open the door for Filipinos to use cryptocurrencies more widely. UnionBank’s innovative efforts herald a new era for financial services in the Philippines as it continues to embrace the digital age.