Some users now see an option “Buy/Sell Crypto”, but access is limited and is closed by a strict evaluation.
Unionbank of the Philippines seems to have silently started to implement a process of incorporation of cryptography exchange within its mobile bank application.
- The new feature, labeled as “Buy/Sell Crypto”, has appeared for selected users.
- The characteristic is integrated into the main interface of the bank and marks one of the most important movements by a Filipino universal bank in the virtual asset space:
Tagged “Buy/Sell Crypto”, the characteristic appears together with standard banking services, such as the payment of invoices and the change of currencies.
- Users trying to access it must complete a customer suitability assessment, a several steps questionnaire that evaluates its financial objectives, investment experience and risk appetite.
The screenshots of the incorporation process show that users must answer questions related to their knowledge of virtual assets, commercial or regulatory limitations expectations.
If a user’s responses do not meet the internal suitability criteria of the platform, they are informed that encryption trade is not currently available. The application allows a revaluation after a period of six months:
The application allows a reevaluation after a period of six months.
The initiative follows Unionbank’s approval in September 2023 as a supplier of virtual asset services (VASP) totally licensed by the Bangko Sentral NG Pilipinas (BSP). This license allows the bank to operate as an exchange of virtual assets and offer custody services for cryptocurrencies. (Read more: Virtual currency exchanges list licensed in the Philippines)
Crypto’s trade interface promises a “safe and worrying experience”, with the bank indicating that the platform operates without additional rates and complete regulatory supervision. However, access remains limited and, when writing this article, Unionbank has not issued a formal advertisement about the broader availability of the service.
Unionbank has previously led several Blockchain initiatives in the country.
- In 2019, he launched the first cryptographic automatic cashier of the Philippines and tested his own Stablecoin, PHX, to rationalize remittances and interbank transfers.
- The bank also associated with the Swiss Metaco firm to test encryption custody and commercial functionality for a limited user group.
This article is published in Bitpins: Crypto will finally reach the UnionBank application?
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