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Coins.ph Secures VASP License from African Country Mauritius

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Editing by Nathaniel Cajuday

  • Coins.phโ€™s affiliate, Coins Digital Markets Limited, has received “in-principleโ€ approvals for VASP licenses from the Financial Services Commission of Mauritius.
  • The FSC is an integrated regulator for the non-bank financial services sector and global businesses that licenses, regulates, monitors, and supervises multiple financial sectors in Mauritius, an island nation in the Indian Ocean.ย 
  • As per Coins, its acquirement of licenses abroad is an opportunity to expand its services around the globe.ย 

Coins Digital Markets Limited, an affiliate of the crypto wallet and exchange Coins.ph, announced that it has received “in-principleโ€ approvals for Virtual Asset Service Provider (VASP) licenses from the Financial Services Commission (FSC) of Mauritius, an island nation in the Indian Ocean.

According to the firm, the new approvals may soon allow the Coins to provide services for four different VASP  licenses, including;

  • Class โ€œMโ€ โ€“ Virtual asset broker-dealer;
  • Class โ€œOโ€ โ€“ Virtual asset wallet services;
  • Class โ€œRโ€ โ€“ Virtual asset custodian; and
  • Class โ€œSโ€ โ€“ Virtual asset marketplace (or Virtual Asset Exchange)

โ€œAs we work closely with regulators to ensure that our operations are safe and secure, obtaining the four virtual asset service provider licenses from the FSC is a positive step towards sharing our financial services with more people across the globe,โ€ said Wei Zhou, CEO of Coins.

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The FSC is an integrated regulator for the non-bank financial services sector and global businesses that licenses, regulates, monitors, and supervises multiple financial sectors in Mauritius. As per Coins, its acquirement of licenses abroad is an opportunity to expand its services around the globe: 

โ€œThis approval marks a significant milestone for Coins, allowing the company to expand its fiat and crypto services globally. The โ€œin-principleโ€ approvals of these four VASP licenses from the Financial Services Commission of Mauritius (FSC) is a testament to Coins’s commitment to safe and secure operations, as they work closely with regulators, in a bid to promote financial inclusion and crypto adoption worldwide.โ€

Coins.ph, which is an e-wallet that started in the Philippines, is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds both Virtual Currency and Electronic Money Issuer licenses in the Philippines.

In late 2022, the fintech firm acquired an Advanced Electronic Payment and Financial Services (EPFS) license from the central bank, which allowed Coins. ph to operate the Coins Pro exchange, the P2P marketplace of Coins.

https://bitpinas.com/regulation/coins-ph-advanced-epfs-license/

Recently, Coins further expanded the number of available cryptocurrencies in Coins Pro platform to 28. The available tokens with PHP pairs include AAVE, APE, AXS, BCH, BTC, CHZ, ENJ, ETH, GALA, KNC, LINK, MANA, MATIC, MKR, SAND, SLP, UNI, USDC, USDT, XRP, YGG, SHIB, BLUR, BNB, DOGE, TRX, RPL, and LDO. 

Coins Trade Desk was also released last November. It is a premier service for high net worth and volume users and traders, which enables them to trade virtual assets at a lower spread within minutes. 

This article is published on BitPinas: Coins.ph Secures VASP License from African Country Mauritius

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.

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