Bangko Sentral grants Coins.PH E-Money license, a bitcoin start-up in Asia

Coins.ph is a bitcoin-enabled platform which is now started growing its followers  has been granted a license to operate as the first Electronic Money Issuer (IMF) in the Philippines by the Bangko Sentral ng Pilipinas (BSP). This is the first blockchain startup in Asia to win such license from monetary regulators, reported in the Entrepreneur.

"The new license allows Coins to accept and hold customer funds, and extend the functionality of its online and offline payments services," it explained. "The company already has a very active customer base using its existing payments, remittance, air-time and bill-pay services."

After its warning and wary of the used of cryptocurrencies transactions, BSP started to soften its cautious towards Bitcoin and other digital currencies this year. They issued Circular No. 944 which recognized their benefits for easing payments and money transfers.

"This license reflects our ongoing commitment to ensure Coins' customers can store their funds in a safe and secure e-wallet that they can trust," Coins CEO Ron Hose said in a statement.

Moreover, the Bangko Sentral ng Pilipinas(BSP) and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between the two countries.

The collaboration was announced during Singapore FinTech Festival, the pact is a FinTech Co-operation Agreement between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), aims to establish ties to promote financial technologies in each other markets.

Source: Entrepreneur, cryptocoinsnews

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