Union Bank of the Philippines (UnionBank), one of the largest banks in the country, is launching a two-way crypto ATM capable of letting customers buy and sell crypto for cash.

Local media The Philippine Star noted this will be the first crypto ATM in the Philippines compliant with the country’s central bank Bangko Sentral ng Pilipinas’ (BSP) regulations. The project is part of the government’s regulatory sandbox, which aims to provide Filipinos with innovative solutions in the financial sector.

The ATM will be placed in UnionBank’s concept branch “The ARK” in Makati City, Manila. It has not been announced yet which cryptos the ATM might offer.

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” UnionBank said in a statement.

BSP has made it clear that it does not intend to endorse any particular cryptocurrencies. It has said that its goal is solely to regulate cryptos “when used for delivery of financial services, particularly, for payments and remittances”.

In addition, “large value pay-outs of more than P500,000 or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.”

BSP is reported to have approved 7 crypto exchanges last November and is currently reviewing 40 other applications.