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Updated: Dec. 15, 2022
Note: An earlier version of the article states Coins.ph is the first VASP to receive the Type A EPFS License. Upon checking PDAX, also a VASP, stated they have the Type A EPFS license since December 2021.
Editing by Nathaniel Cajuday
- Crypto exchange platform Coins.ph recently acquired an Advanced Electronic Payment and Financial Services (EPFS) license from the Bangko Sentral ng Pilipinas (BSP).
- The license allows Coins.ph to operate the Coins Pro exchange, which facilitates online transactions through digital products and services.
Digital wallet provider and crypto exchange platform Coins.ph recently announced that it has successfully acquired an Advanced Electronic Payment and Financial Services (EPFS) license from the Bangko Sentral ng Pilipinas (BSP) which grants it a go signal to operate the Coins Pro exchange.
The firm calls the license acquisition the “latest credential from the Bangko Sentral ng Pilipinas (which) underlines Coins.ph’s commitment to operate responsibly within the regulatory framework in the Philippines.”
What is the EPFS License?
The EPFS license is designed to promote an efficient and inclusive national payment system as it enables oversight of BSP-supervised financial institutions that facilitate online transactions through digital products and services.
Last month, Coins.ph opened Coins Pro, their order book crypto trading platform, for everyone—it was previously accessible via an invite-only policy. With Coins Pro, users can buy and sell digital currencies at larger volumes and for lower fees. Moreover, users can also place market, limit, and stop-limit orders across more than 20 PHP spot trading pairs, “making it the market’s most complete crypto exchange offering.” (Read more: How to Use Coins Pro Exchange by Coins.ph)
“Being granted an advanced EPFS license is a huge milestone for Coins.ph and solidifies our position as the most trusted crypto platform in the Philippines. We have always been committed to working with regulators to ensure appropriate oversight of this fast-growing industry at the intersection of technology and finance,” said Wei Zhou, Coins’ Chief Executive Officer.
He also expressed his pride in his firm’s latest achievement, which complements their long-term goal of leading financial inclusion in the Philippines.
“Coins was the first crypto company in Asia to gain multiple licenses from a central bank back in 2017, and we have continuously operated within the Philippines’ legal framework. The advanced EPFS license will facilitate more transparency and safeguards, as it ensures that we can continue to provide secure and reliable services to our users. It will also enable significant upgrades to Coins Pro, our proprietary order book exchange,” Zhou stated.
Further, Coins noted that they were the first VASP (Virtual Asset Service Provider) to be granted a Type A EPFS license—a license traditionally reserved for banks. VASPs are money service businesses that allow fiat money to be converted into virtual assets, and are still transferable and be used for payment. These are entities that facilitate the exchange between virtual assets and fiat currencies, the exchange between virtual assets, the transfer of virtual assets, and custody of these assets.
“We truly appreciate the sincere effort that the BSP’s leadership has made to understand the digital assets space in order to craft well-thought-out rules that protect consumers while encouraging innovation. We’re excited to continue leading the development of this industry as a responsible player,” Zhou added.
Aside from the EPFS and VASP license the BSP also granted Coins.ph an Electronic Money Issuer (EMI) license and a Remittance and FXD/MC license.
“Coins observes strict compliance with all applicable rules and regulations, and is trusted by more than 18 million users to serve as the gateway between Web2 and Web3,” the firm affirmed in a media release.
Recently, Coins.ph launched “Pay with QR” –integrated with the QR PH standard, the national QR-based payment system developed by the BSP–which will allow Coins Wallet users to make convenient cashless payments to merchants and businesses throughout the country.
The fintech firm also launched “Coins Arcade,” a game center within the platform that will enable its users to play and earn. (Read more: Conquest Event Recap: Coins.ph CEO Reveals NFT, P2E Game Center Plans)
Last month, Coins Trade Desk was also released. 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. (Read more: Coins.ph Offers Coins Trade Desk for High Net Worth Traders)
This article is published on BitPinas: Coins.ph Secures Advanced Electronic Payment and Financial Services License from BSP
Editor-in-chief Note: An earlier version of the article states Coins.ph is the first VASP to receive the Type A EPFS License. Upon checking PDAX, also a VASP, stated they have the Type A EPFS license since December 2021.
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.