Philippine’s Union Bank has become the first and only bank in the country to receive a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP). The bank received a ‘Certificate of Authority’ from the central bank, marking it the first in the Philippines to gain the certification. Other VASP license holders include financial institutions such as the Philippine Digital Asset Exchange, Maya and Coins.ph. The move represents a significant leap forward for UnionBank, president and chief executive Edwin Bautista noted. The lender is seeking to revolutionize the banking landscape, a local media reported.
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