Atleast provide the source for this news since this is not global but rather only for Philippines. You can use this
https://cointelegraph.com/news/union-bank-of-the-philippines-launches-bitcoin-and-ethereum-trading as source so that your reader will have an idea about what you are talking about.
Unionbank is known as the pioneer bank that embrace crypto. They also offers different courses that related to blockchain. This news is long waited by Filipipino consumer that involves to Bitcoin since we can by directly using our UB account.
It's important to mention that only selected retail can use this feature since this is just on a pilot program. It's still a great news and thanks for sharing.
Does this news mean that cryptocurrency is now legal in the Philippines? I am sure that all banks in any country are governed and regulated by a central bank. In the Philippines Central Bank of the Philippines does that job. If a bank is now offering crypto service then it does look like they have got permission from the Central Bank.
This is a piece of good news for the crypto community. It makes life easier for those who are into crypto trading and also those who want to hold Bitcoin and other crypto for long-term gain.
It looks like cryptocurrency isn't officially accepted as a legal tender but they are classified as virtual currencies which falls under digital assets. The Central Bank issues licenses to platforms like UnionBank and they are called Virtual Asset Service Providers where citizens can trade their digital assets so the treatment of crypto is more like stocks.