UnionBank to offer mobile crypto trading in Q4 2023

Union Bank of the Philippines (UnionBank) users may soon get to trade Bitcoin through their mobile app as soon as the final quarter of 2023.

The Aboitiz-led bank announced on Tuesday, September 19, that it has secured a certificate of authority from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP). This means that it can now offer virtual asset exchange services – like trading cryptocurrency – to its customers.

The central bank defines a virtual asset as “any type of digital unit that can be digitally traded, or transferred, and can be used for payment or investment purposes.” In the Philippines, financial institutions must obtain a VASP certificate from the BSP before handling virtual assets for customers.

In the case of UnionBank, it is so far the first and only bank in the Philippines to offer virtual exchange services. Other financial institutions with the VASP license include coins.ph, Philippine Digital Asset Exchange, and Maya.