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Is GCash Acquiring a VASP License in the Philippines?

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Editing by Nathaniel Cajuday

  • GCash, is currently focused on building partnerships within the web3 space and does not have immediate plans to acquire a Virtual Assets Service Provider (VASP) license.
  • Their emphasis is on partnerships that build trust among customers and onboard more users from web2.
  • Currently, GCash’s web3 firm partners are PDAX, Likha, and Bitskwela.

Fintech app giant GCash is currently just focused on building partnerships within the web3 space and does not see acquiring a Virtual Asset Service Provider (VASP) license any time soon. 

This is the explanation of Mark Nunez, GCash’s head of partnerships for crypto and web3, who mentioned this during the April meetup of the Bitcoin, Beer, and Bitstories (BBB) last April 27, 2023, at the Draper Startup House Manila in Makati City.

‘More Focused on Partnerships’

Photo for the Article - Is GCash Acquiring a VASP License in the Philippines?
Mark Nunez
GCash’s Head of Partnerships for Crypto and Web3

When asked during the question and answer portion of the event regarding GCash’s plans to have its own VASP license, Nunez stressed that the firm has set its eyes on partnerships, which will further build trust among customers and onboard more users from web2. 

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“For now, we are focused on partnerships, especially with our partnership with PDAX for the exchange (GCrypto). As I mentioned earlier in this talk, we’re focused on building that trust. And what better way to do that is getting one of the most trusted web2 brands in GCash and the trusted homegrown (Bangko Sentral ng Pilipinas) BSP-supervised brand PDAX,” he explained. 

Nunez then reiterated that their partnerships make it easier to offer crypto products “faster and simpler,” adding that some of their partners help them further onboard people into web3.

GCash’s Partners

One of the prominent web3 partners of GCash currently is the Philippine Digital Asset Exchange (PDAX), where they collaborated to enable the cryptocurrency buy and sell service for their new in-app feature called GCrypto. 

Last October, Neil Trinidad, then GCash’s head of new business, and PDAX CEO Nichel Gaba confirmed that GCrypto will be done in collaboration.

GCash also expanded its offerings into the realm of non-fungible tokens (NFTs) with the introduction of its project, “House of Ohlala.” This NFT collection, created in collaboration with local NFT marketplace Likha and art gallery Vinyl on Vinyl, showcases the artistic talents of Reen Barrera. 

Additionally, GCash has launched the “GCrypto NFT Hub,” a platform that serves as a digital art showcase for Filipino artists and allows users to discover and acquire NFT artwork created by local talents. 

Nunez also mentioned that they are working with the educational platform Bitskwela to create web3-focused educational content. Bitskwela is set to have its Bull or Bear debate series in Cebu City scheduled from June 9 to June 16, 2023.

What is a VASP?

Virtual Asset Service Providers (VASPs) are entities that enable the exchange of virtual assets with fiat currencies, facilitate transactions between different virtual assets, and provide services such as the custody and transfer of virtual assets.

According to the definition by the central bank, virtual assets refer to digital units of exchange that can have a centralized administrator, be decentralized with or without an administrator, or be created and/or acquired through computational and manufacturing processes.

Read: List of Philippine Financial Institutions Both VASP and EMI Licenses

This article is published on BitPinas: GCash More Focused on Partnerships Than Acquiring Own VASP License for Web3 Initiatives — GCrypto Head

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.