BSP grants another license for digital currencies

Digital wallet and crypto exchange provider received the Advanced Electronic Payment and Financial Services (EPFS) license from Bangko Sentral ng Pilipinas (BSP) covering the operation of the Coins Pro exchange.

The approval of Coins’ EPFS license is a key enabler for Coins Pro, a professional-grade order book exchange that is now available to all users. Coins Pro users can buy and sell digital currencies at larger volumes and for lower fees. Users can place market, limit, and stop-limit orders across more than P20 spot trading pairs, making it the market’s most complete crypto exchange offering. partners with Globe to offer cryptocurrency rewards enables Ethereum sidechain for affordable AXS, SLP deposits

“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,” said Wei Zhou, CEO of Coins.

Coins is the first VASP (Virtual Asset Service Provider) to be granted a Type A EPFS license, which is traditionally reserved for banks. The advanced 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.

The BSP has previously granted a Virtual Asset Service Provider (VASP) license, an Electronic Money Issuer (EMI) license, and a Remittance and FXD/MC license.