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Cryptocurrencies

Unionbank introduces the first crypto ATM in the Philippines

Monday 11 February 2019 | 10:19 AM CET

Union Bank of the Philippines (Unionbank) has revealed the launch of the country’s first crypto ATM that complies with the rules set by Bangko Sentral ng Pilipinas (BSP).

The project is part of the Philippine government’s regulatory sandbox. The bank says it has been collaborating with the central bank BSP to provide Filipinos with innovative solutions, and through the ATM, the clients will be provided with an alternative channel to convert their pesos to virtual currency and vice versa.

Moreover, crypto exchanges must obtain a certificate of registration to operate as a remittance and transfer company. Large value payouts of more than USD 183,000 or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.

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