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Editing by Nathaniel Cajuday
- Coins.ph obtained an ISO/IEC 27001:2013 certification for its management, maintenance, and operation of its payment e-wallet services and its crypto trading platform, Coins Pro.
- The certification recognized Coins.ph’s implementation of rigorous information security management practices, making it the first Philippines-regulated exchange to be verified and upheld to these international standards.
- It was DNV Business Assurance UK Limited that audited and certified the e-wallet for meeting various security management standards and criteria.
Coins.ph has received ISO/IEC 27001:2013 certification for its management, maintenance, and operation of both its payment e-wallet services and its crypto trading platform, Coins Pro, the homegrown crypto wallet and exchange platform announced
ISO Security Standard Accreditation
The certification is an international standard that recognizes an organization’s implementation of rigorous information security management practices. Coins.ph’s accreditation is the first known Philippine-regulated exchange to be verified and upheld to these international standards.
In a statement, the firm disclosed that it was DNV Business Assurance UK Limited that audited and certified the e-wallet for meeting various security management standards and criteria.
“Ensuring users’ funds and data are secure and upheld to the highest security standards is our utmost priority,” said Wei Zhou, the CEO of Coins.ph.
Moreover, the accreditation of the firm is said to recognize the strong information security management system implemented by Coins to ensure the security of its customers’ assets and information.
“We are committed to continuous improvements in cyber security defense for our users in the Philippines and beyond,” Zhou concluded.
Coins.ph Local Licenses
Coins.ph was first registered as a remittance and transfer agent in 2016. A year after, it acquired an Electronic Money (e-money) Issuer license and a Virtual Currency Exchange (VCE) license from the Bangko Sentral ng Pilipinas (BSP), which enabled the firm to expand the capabilities of its payment services and offer digital asset services, including cryptocurrencies.
Then, in 2021, the Monetary Board, the agency responsible for making policy decisions related to the management, operation, and administration of the Central Bank, through Circular No. 1108, replaced VCEs by Virtual Asset Service Providers (VASPs), of which Coins.ph is included.
In December 2022, Coins.ph also obtained an Advanced Electronic Payment and Financial Services (EPFS) license from the Central Bank, allowing it to operate the Coins Pro exchange. It is one of the first to receive a Type A EPFS license from the monetary agency, which is typically reserved for banks.
During a Philippine Web3 Festival panel discussion that featured the top digital asset companies in the country, the speakers, including Zhou, addressed the consequences of failing to comply with regulations. For the CEO, if these entities do not adhere to regulatory guidelines, they may face imprisonment.
Recent Coins.ph News
Last March, Coins Digital Markets Limited, an affiliate of Coins.ph, received “in-principle” approvals for Virtual Asset Service Provider (VASP) licenses from the Financial Services Commission (FSC) of Mauritius, an island nation in the Indian Ocean.
The firm also updated its app interface recently, offering a more modern and user-friendly experience for its customers. The app now comes equipped with new features designed to provide access to the world of Web3, digital payments, Web3 gaming, market trends, and other exciting ventures.
However, following its recent major app upgrade, users sent complaints, particularly about OTP issues for transaction completion.
This article is published on BitPinas: Coins.ph Obtains ISO Security Standards Accreditation for Coins Pro, E-Wallet Services
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.