C PASS, a Philippine-based virtual asset company, has been granted a license to expand its cryptocurrency operation to Europe. The company’s vice president, Charlie Seo, announced that they will be launching their digital wallet service and C PESO, a stable coin, in Europe in March. This will allow users to send, receive, and swap cryptocurrency within the European Union and with clients outside the EU. However, C PASS’s cryptocurrency operations in the Philippines will be available to a limited few as the Bangko Sentral ng Pilipinas continues to process the company’s Virtual Asset Service Provider application.
C PESO is the first peso-based stable cryptocurrency developed in the Philippines primarily for use in local government transactions while also catering to private enterprise. The company is also preparing for a sandbox framework and has applied for a separate license to conduct remittance and foreign exchange operations. It has also applied for an Electronic Money Issuer license in Europe and plans to file a similar application once a BSP ban against new EMI applications gets lifted this year.
The license to operate in Europe and the limited local operation under the auspices of the BSP means convenience for those who want easy access to send, receive, and swap cryptocurrency, particularly Bitcoin, Ethereum, XRP, and stable coins such as USDT, C PESO, and others. It will also greatly support the Cebu City Government’s intent to transition to cashless transactions, on top of crypto, for payment of real property and business taxes, as well as foreign tourists and small and medium local enterprises. The mainstream use of stable coins in local government transactions had intrigued key persons within the Finance Committee because of its potential to be virtually un-hackable and transparent.