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The Philippines is emerging as the Southeast Asia’s leading nation in distributed ledger technologies (DLT), non-fungible tokens (NFTs), and the metaverse due to the lack of a hostile regulatory environment as the key reason for the spike in innovation. Coins.ph has recently granted with the four virtual asset service provider (VASP) licenses by Financial Services Commission of Mauritius, giving it the green light to offer its services covering broker-dealer services, virtual asset wallet services, virtual asset custody, and marketplace offerings.
Since the collapse of several centralized digital asset entities like Three Arrows Capital (3AC) and FTX, Mauritius’ regulators raised their guard over the asset class while some government officials mulled over a blanket ban. The FSC as an integrated regulator for non-bank financial services upped the requirements for VASPs seeking to operate in the country to comply with. The license to Coins.ph will draw awareness VASP licensing in Mauritius.
As a subsidiary of Coins.ph, it is widely expected that Coins will operate in the same manner as its Filipino holding company including the trading of virtual currencies and other financial services through its mobile app. Founded in 2014, Coins.ph has gone on to garner over 16 million customers and holds the record as the first virtual currency firm in the region to hold both Electronic Money Issuer licenses from the Bangko Sentral ng Pilipinas.
The company will rebuild their business to be a much more Web 3 native company to allow for our users and new users to use Coins to access Web 3 services. This includes the trading of digital assets in the metaverse and in games.” United Nations Conference on Trade and Development (UNCTAD) tracked the rate of innovation in the sectors of DLT, Big Data, Artificial Intelligence (AI), and nanotechnology has placed the country as the 54th-ranked nation in its Frontier Technology Index.
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