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The Philippines’ Union Bank intends to offer cryptocurrency trading and custody services

To capitalize on the growing acceptance of digital tokens in the Asian nation. That’s, Union Bank of the Philippines aims to offer cryptocurrency trading and custodian services. So, According to Cathy Casas, head of the bank’s blockchain and application programming interface group. Then, the average Filipino investor will likely hold 3 percent to 5 percent of their personal assets in digital assets like Bitcoin in five years. That’s, assuming markets remain “stable,” up from around 1 percent to 2 percent now.

“It’s a way to future-proof our banking business.”

Many crypto investors are young people, according to Casas, with others earning tokens through play-to-earn virtual games. In an interview, she explained, “It’s a method to future-proof our banking operation.” According to Casas, about 5% of the local populace has experimented with cryptocurrencies. That’s in line with the global average, according to Binance Holdings Ltd., the operator of the world’s largest cryptocurrency exchange. More Asian countries are entering the cryptocurrency sector with an open attitude.

Governor of the Philippine Central Bank Benjamin Diokno has issued a warning against cryptocurrencies.

The central bank of the Philippines Governor Benjamin Diokno has issued a warning about cryptocurrencies, claiming that they could “pose a threat to the financial system” since they are “extremely vulnerable” to illegal activities like as money laundering and terrorism financing. Also, Regulators throughout the world have taken notice of cryptocurrency’s quickly expanding popularity, and some are taking efforts to limit consumer marketing.

So, Singapore ordered companies in the sector to cease most consumer-facing marketing this week. Thereby, citing fears of retail traders being burnt.

“We’re trying to educate our clientele, even through social media, to ensure that they’re safe,”

Lastly, Casas adds.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.