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According to local reports, the Bangko Sentral ng Pilipinas (BSP) has approved three cryptographic exchanges, bringing to 10 the total number of encrypted exchanges approved.
Manila times reported:
"Melchor Plabasan, head of the Central Bank's Technology Risk Supervision and Innovation Department, said the newly approved companies were Bexpress Inc., Coinville Phils. Inc. and ABA Global Phils. Inc. "
As reported by the CCN in July 2018, CAGAYAN Economic Zone Authority (CEZA), a government-run economic zone in the northern tip of the Philippines, issued 24 cryptographic-specific licenses, increasing the number of exchanges authorized in the Philippines. 34
In the Philippines, 1 in 10 adults use crypto
In recent years, the Philippines has become the backbone of a market for cryptocurrency businesses, mainly because of the favorable regulation and rapid growth of local businesses.
Coins.ph, for example, the largest cryptographic purse in Southeast Asia, would count 1 in 10 adults in the Philippines as a user, a statistic that has convinced Indonesia's leading Indonesian application operator, Go Jeb, to acquire the company.
More than five million @coinsph Customers can now receive Western Union fund transfers directly into their https://t.co/hoPBSc0Fv8 # wallets in the #Philippines. Learn more about the new service!
– Western Union (@WesternUnion) April 8, 2019
Dan Morehead, CEO of Pantera Capital, the first multi-billion dollar cryptocurrency fund and investor in Coins.ph, had already said:
About a week ago we announced the sale of Coins.ph in the Philippines and felt that it is an excellent example of the current use of Bitcoin. and not of it in 20 years. In the Philippines, one in ten adult clients is a client. It's very real. I think it's important that the community really knows that some apps are currently working.
Since the Philippines legitimized crypto-currencies such as bitcoin as a payment method in February 2017 through an official circular issued by the central bank of the Philippines, the cryptocurrency sector in the Philippines is maturing at a fast pace.
At the time, the central bank had stated that, although it did not approve cryptocurrencies, it aimed to regulate cryptographic badets such as bitcoin as a method of transferring funds and as a means of transferring funds. value.
"The Bangko Sentral does not intend to approve a VC, like Bitcoin, as a currency, as it is not issued or guaranteed by a central bank, nor guaranteed by a commodity. Instead, PASB aims to regulate VCs when they are used for the provision of financial services, particularly for payments and remittances, which have a significant impact on the fight against money laundering and the financing of financial services. terrorism, consumer protection and financial security. stability, "we read in the circular.
The Philippine Cryptographic Exchange Approval Model is Convenient
The system used by the Philippine government to ensure the legitimacy, security and solvency of any cryptocurrency exchange operating in the region is very similar to that of Japan.
The Financial Services Agency (FSA) and the Japanese financial authorities were the first to set up a national licensing program to manually approve all active exchanges in the Japanese cryptocurrency market.
An approval process eliminates crypto-currency sub-currency exchanges and businesses with poor and necessary infrastructure to protect users' funds.
The first bitcoin ATM machine installed by the Philippine Unionbank, one of the country's largest commercial banks, has also been approved directly by the central bank of the Philippines.
The Philippine central bank's approach to regulating cryptocurrency is to strictly regulate virtually all areas of the local cryptography market in order to facilitate the growth of its cryptographic sector in the right direction.
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