Union Bank of the Philippines plans to become the first bank in the country to offer trading and custody services for cryptocurrencies.
According to Cathy Casas, the bank’s head of blockchain and application programming interfaces, custodial services for digital assets will also include tokenized bonds.
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Switzerland’s Metaco will provide the system for Union Bank to manage its digital asset operations.
The bank was also the first to launch its own stablecoin in 2019, helping to facilitate remittance payments.
Late last year, Commonwealth Bank became the first bank in Australia to offer crypto custody and trading services.
Casas believes that the average Filipino investor can hold around 1-2% of their personal wealth in crypto.
Since many crypto investors are young people, some earning tokens from money-making virtual games, she expects that number to grow to 3-5% within 5 years assuming the market is stable. determined.
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She estimates that around 5% of the Filipino population is already using crypto, which is in line with the global average according to data from Binance.
“We are working hard to educate our customers through social media, making sure they are safe,” Casas added.
Cryptocurrency Critics
However, cryptocurrencies are not without their critics in the Southeast Asian country.
Central bank governor Benjamin Diokno has warned about cryptocurrencies. Because he believes that investors “very vulnerable” against illegal activities, such as money laundering and terrorist financing, he warned that cryptocurrencies could eventually “endangering the financial system”.
As cryptocurrencies grow in popularity worldwide, other authorities are taking steps to assert some control.
Earlier this week, the Monetary Authority of Singapore issued guidelines banning cryptocurrency advertising to the public. The instructions also mention crypto ATMs around the country.
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