Coins.ph is expanding.

[0t3p0t]

Coins.ph is to expand it's services into Europe, Latin America, Australia and Africa and any users in these countries either Filipinos or not they can now send crypto in the Philippines. Though US was not on the list but they said securing licenses to this country is way too expensive just like Japan, South Korea and Hongkong but they are aiming to get one in the near future.

For me this is good news to Filipino crypto enthusiasts living and working abroad as they can now send remittances through this cryptocurrency related  innovation without any hassle.

Source: https://news.abs-cbn.com/business/01/25/24/coinsph-expanding-globally-eyes-slice-of-remittances

[joniboini]

For me this is good news to Filipino crypto enthusiasts living and working abroad as they can now send remittances through this cryptocurrency related  innovation without any hassle.

From the way he describes it, this expansion basically allows them to accept fiat from overseas and allows the users to easily trade that to crypto and send it to other Coin.ph users. Does this mean any exchange needs a license to accept new fiat then? Does this also mean they won't accept USD since they don't plan to 'expand' there? I thought the expansion was opening new offices or branches, but from the interview, I don't think that's necessary. Maybe just a simple office but no operation is carried out overseas (trading, etc)? Feels a bit weird, I pay other businesses outside crypto with USD just fine even though they don't necessarily have any US license, especially with stuff like PayPal.

[0t3p0t]

For me this is good news to Filipino crypto enthusiasts living and working abroad as they can now send remittances through this cryptocurrency related  innovation without any hassle.

From the way he describes it, this expansion basically allows them to accept fiat from overseas and allows the users to easily trade that to crypto and send it to other Coin.ph users. Does this mean any exchange needs a license to accept new fiat then? Does this also mean they won't accept USD since they don't plan to 'expand' there? I thought the expansion was opening new offices or branches, but from the interview, I don't think that's necessary. Maybe just a simple office but no operation is carried out overseas (trading, etc)? Feels a bit weird, I pay other businesses outside crypto with USD just fine even though they don't necessarily have any US license, especially with stuff like PayPal.

I think coins.ph is the paypal version of the Philippines but we Filipinos are still waiting for their updates regarding the said expansion so we can try and experience the new features they will possibly offer in the near future. Since they are a crypto wallet and exchange I think US SEC requires registration locally and internationally prior to operation I just don't know how it works in other countries but here in my country all of 'em were fully regulated.

[electronicash]

For me this is good news to Filipino crypto enthusiasts living and working abroad as they can now send remittances through this cryptocurrency related  innovation without any hassle.

From the way he describes it, this expansion basically allows them to accept fiat from overseas and allows the users to easily trade that to crypto and send it to other Coin.ph users. Does this mean any exchange needs a license to accept new fiat then? Does this also mean they won't accept USD since they don't plan to 'expand' there? I thought the expansion was opening new offices or branches, but from the interview, I don't think that's necessary. Maybe just a simple office but no operation is carried out overseas (trading, etc)? Feels a bit weird, I pay other businesses outside crypto with USD just fine even though they don't necessarily have any US license, especially with stuff like PayPal.

I think coins.ph is the paypal version of the Philippines but we Filipinos are still waiting for their updates regarding the said expansion so we can try and experience the new features they will possibly offer in the near future. Since they are a crypto wallet and exchange I think US SEC requires registration locally and internationally prior to operation I just don't know how it works in other countries but here in my country all of 'em were fully regulated.

isn't this the same in Philippines? coins.ph will need to be operate legally which the SEC will provide the consent for them.  since coins.ph wants to expand in AU, they will also need a permission from SEC Australia.

i think they will really need to expand since Gcash and Maya seem to have stole their spot in the Philippines. a lot of its users moved on after coins,ph took the rough changes.

[joniboini]

I think coins.ph is the paypal version of the Philippines but we Filipinos are still waiting for their updates regarding the said expansion so we can try and experience the new features they will possibly offer in the near future. Since they are a crypto wallet and exchange I think US SEC requires registration locally and internationally prior to operation I just don't know how it works in other countries but here in my country all of 'em were fully regulated.

I can understand the need to acquire a license if they want to operate overseas, but I'm a bit confused by the statement since it sounds like if they want to accept other fiats they also need to open a branch in said country, which is not the norm based on what I know. I'm referring to if they decide to accept IDR deposit, for example, they don't necessarily have to open a branch in Indonesia. Maybe I misunderstood what they said, as long as they provide better service I guess it doesn't really matter. CMIIW.

[0t3p0t]

I think coins.ph is the paypal version of the Philippines but we Filipinos are still waiting for their updates regarding the said expansion so we can try and experience the new features they will possibly offer in the near future. Since they are a crypto wallet and exchange I think US SEC requires registration locally and internationally prior to operation I just don't know how it works in other countries but here in my country all of 'em were fully regulated.

I can understand the need to acquire a license if they want to operate overseas, but I'm a bit confused by the statement since it sounds like if they want to accept other fiats they also need to open a branch in said country, which is not the norm based on what I know. I'm referring to if they decide to accept IDR deposit, for example, they don't necessarily have to open a branch in Indonesia. Maybe I misunderstood what they said, as long as they provide better service I guess it doesn't really matter. CMIIW.

As of the moment we are still waiting for their response on this as we are also clueless on what really is their plans and changes will be made in operating in a specific country as we all know there were millions of Filipinos overseas and that is their target users including foreigners who wanted to avail their services. I am actually hopeful that they will soon be available not just in few countries they listed but they are able to offer services worldwide.