Though cryptocurrencies are not yet fully recognized in many parts of the world, there are a number of countries with growing interest not only of cryptocurrencies but also of blockchain technology in general.
Philippines is among these countries where user growth stands out as many Filipinos are being ushered digitally through “tokens” and “coins”
BCPAY FinTech, which is registered in Philippine Security of Exchange Commission, falls in the category as a “Virtual Asset Service Providers” or VASPs.
“Virtual Asset Service Providers (VASPs) are firms that provide certain services relating to virtual assets such as offering an exchange between virtual assets and fiat currencies, exchange between different forms of virtual assets, transfer of virtual assets such as moving a virtual asset from one address or account to another, providing custodian wallet services and participating in and providing financial services related to an issuer’s offer and/or sale of a virtual asset.”
As BCPAY FinTech move forward with their legalities, it is of great importance that we furnish ourselves with the necessary license requirements and one initial yet significant step is by opening a Corporate Bank Account.
Banks do not easily grant customers access to their significant financial services unless they are in-line with the standards of SEC and good banking and business experience.
It is thus required to have a Certificate of Good Standing document. A Certificate of Good Standing is a state-issued document that shows you’re authorized to do business in that state and that your business is active and in “good standing”. This allows BCPAY FinTech to use InstaPay for our cash-in and cash-out features.
As we officially open our Corporate Bank Account and receive our cheque books and ledgers, we are one step forward in realizing our goal of Continuing Education of Cryptocurrencies as essential to the economy and personal growth and development.
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