Coins receives "in-principle" approvals for Virtual Asset Service Provider ("VASP") licenses, to expand globally
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.
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.
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