Union Bank of the Philippines Launches Two-Way Crypto ATM

News, Regulation | February 11, 2019 By:

Union Bank of the Philippines, one of the largest commercial banks in the country, has launched the country’s first two-way cryptocurrency ATM.

The crypto ATM, which is part of the Bangko Sentral ng Pilipinas’ regulatory sandbox, will allow clients to purchase and sell cryptocurrencies for cash. UnionBank said that the sanbox has allowed it to provide Filipinos with innovative solutions in line with all applicable regulations.

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” the bank said.

In 2017, the Bangko Sentral ng Pilipinas (BSP), the central bank of the country, established a formal regulatory framework for crypto exchanges, which requires operators to register with the BSP as remittance and transfer companies. Currently, six companies have been registered with the BSP. These include Coins.ph, SCI Ventures, BloomSolutions, ETranss, Virtual Currency Philippines and Philippine Digital Asset Exchange (PDAX).