PR Newswire
22 Mar 2023, 08:00 GMT+10
MANILA, Philippines, March 22, 2023 /PRNewswire/ -- Coins.ph's affiliate, Coins Digital Markets Limited (collectively with Coins.ph shall hereinafter be referred to as "Coins"), has received 'in-principle" approvals for VASP licenses from the Financial Services Commission of Mauritius (the "FSC"). The VASP licenses include:
(a) Class "M" - Virtual asset broker-dealer;
(b) Class "O" - Virtual asset wallet services;
(c) Class "R" - Virtual asset custodian; and
(d) Class "S" - Virtual asset market place (or Virtual Asset Exchange).
This approval marks a significant milestone for Coins, allowing the company to expand its fiat and crypto services globally. Coins.ph is currently the most trusted crypto platform in the Philippines and has multiple licenses from the Bangko Sentral ng Pilipinas (the "BSP") including the recently acquired Advanced EPFS license for Coins Pro.
"As 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." says Wei Zhou, CEO of Coins.
The FSC is an integrated regulator for non-bank financial services sector and global businesses that licenses, regulates, monitors, and supervises multiple financial sectors. The "in-principle" 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.
For more information about Coins.ph, visit https://coins.ph and follow us on Facebook, Twitter, and Instagram.
About Coins.ph
Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services. Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas and is the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from the central bank.
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationWARSAW, Poland: Poland held a second round of voting in its presidential election on Sunday, but exit polls show the race is too close...
WEST JERUSALEM, Israel: Israeli forces stopped a boat heading to Gaza and detained Greta Thunberg and other activists on board early...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
WASHINGTON, D.C. A public fight between U.S. President Donald Trump and billionaire Elon Musk has taken over social media, especially...
DERA BAJWA, Pakistan: Amir Ali, a 21-year-old man from Pakistan, dreamed of going to Europe for a better life. He was promised a visa...
TOKYO, Japan: Japan's hopes for a foothold in commercial lunar exploration suffered a second blow this week after Tokyo-based startup...
WASHINGTON, D.C.: A boom in U.S. solar energy installations may be running out of steam as shifting federal priorities, new tariffs,...
NEW YORK CITY, New York: Oil prices remained steady on June 9 as investors looked ahead to the outcome of the U.S.-China trade talks...
CHANDRAPUR/SOLAPUR (India): As India doubles down on coal to fuel its growing energy needs, an invisible crisis is surfacing: the country...
NEW YORK, New York - U.S. stock markets rose Tuesday as investors and traders anticipated a positive outcome from ongoing trade talks...
BEIJING/WASHINGTON, D.C.: In a rare move aimed at easing mounting supply chain pressure, China has issued temporary export licenses...
BERN, Switzerland: UBS faces a sweeping new capital requirement from the Swiss government, which this week proposed changes that could...