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Two New Crypto Exchange gets Accredits from Central Bank of Philippines

Two New Crypto Exchange gets Accredits from Central Bank of Philippines

July 9, 2018 6:06 am,

The Philippine central bank, has approved applications filed by two new crypto exchanges, news outlet Business World reported by a local news. The Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), Chuchi G. Fonacier said that Virtual Currency Philippines, Inc. and E-Transaction have been set as a platform, which allows them to convert Philippine pesos into virtual currencies (crypto). The two crypto exchanges joined already operating exchanges Bloom Solutions, Rebittance, Inc., Betur, Inc.

The Philippine central bank has accredits digital currencies for their benefits to provide cheaper and faster transactions but remains cautious of the risk involved of criminal involvement, crypto volatility, and cybersecurity.

Chuchi G. Fonacier said that now, we are making some changes in the rules. If your business model has a portion making use of e-wallet, then there’s an additional requirement but not automatically or necessarily an e-money license. He also said that

consultations advised against such a requirement in the interest of providing a streamlined registration process for new market players. Bangko Sentral ng Pilipinas (BSP), had considered before hand whether the new crypto exchanges should register as e-money issuers because they offer wallet services for their clients.

The Council of Anti-Money Laundering will reportedly begin closely observing digital currency transactions as part of their broader effort to crack down on dirty money. Firms will be grateful to report the whole transactions as well as any transactions they deem suspicious.

Over the past several years conversions from the peso to digital currencies have grown significantly was reported by the Business world. In the first quarter of the month, amount totalled around $36 million per month covering transactions from two registered exchanges. In the month of April 2018, the government of Philippine announced that in the Cagayan Economic Zone it will be allowed for crypto companies and 10 blockchain to operate. Firms are expected to generate employment for local residents in exchange for tax breaks. The Zone Authority of Cagayan Economic will also require the companies in that zone to invest at least $1 million over two years and pay up to $100,000 in licence fees.

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